Pittsburgh Steelers' Bid to Retain Mike Wallace Harmed by Manning to Denver

Earlier today, I penned a piece regarding why it looks ever-more likely that the Pittsburgh Steelers will have the services of their top wideout, Mike Wallace, for at least the 2012 season.

But, alas, just a few short minutes later, it was reported quarterback Peyton Manning had decided upon the Denver Broncos as his new team.

It didn't take long for the question to come up of whether the Broncos will now set their sights on the restricted free agent Wallace as a big-play target for Manning, and with the threat being quite legitimate, it doesn't seem so certain that Wallace will remain a Steeler this season after all.

With $40 million in cap room before the news came out, the Broncos are still in a good financial position to offer a deal to Wallace.

Even if Manning's deal is worth $95 million over five years, and even if much of that money comes in the first few years of the contract, the Broncos will still have enough spare cash to pick up Wallace on a contract worth $8-9 million per year.

Though Denver does have a fair number of reliable receiving targets, like Eric Decker and Demaryius Thomas, they lack a real outside threat—the kind that makes Manning look like, well, Manning—and Wallace certainly fits the bill.

Further, the free agent receiver market has been depleted by an early run on the position last week. Few options remain if the Broncos want to add a veteran and while a rookie addition in the draft could be an alternative, it would be better for the team to give Manning someone established to throw to.

The Broncos—or any other team—have until April 20 to tender a contract to Wallace. While the Steelers could still match it, considering their cap issues, it doesn't look likely they'll succeed.

Indeed, what a difference a few minutes makes when it comes to Wallace's ultimate fate in 2012. The Broncos are now firmly in play, so don't exhale just yet, Steelers fans.

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