Mike Wallace Watch: The Latest Thoughts on High-End Steelers WR

Last week, the Sacramento Bee's Matt Barrows reported that Pittsburgh Steelers restricted free agent wide receiver Mike Wallace was seeking a contract comparable to that of the Arizona Cardinals' Larry Fitzgerald.

That means Wallace believes he could command well over $100 million over six to eight seasons, and though he may be correct, it doesn't look like the market is all that interested in inking that large of a deal with him this year.

It's not just the cost of the contract that has turned away all likely suitors, it's also that a team would have to give up a first-round draft pick on top of the money.

Restricted free agents are very rarely picked up, especially ones with first-round tenders, so regardless of Wallace's talent it's not likely a team will make a move between now and the April 20 deadline to do so.

But will Wallace ever see the kind of payday he's seeking, from the Steelers or any other team? On the surface, his demands seem excessive, but as Barrows pointed out on an appearance on Steelers Depot's Terrible Podcast last week, Wallace may be onto something.

Right now, the two highest-paid receivers in the league are the aforementioned Fitzgerald and the Detroit Lions' Calvin Johnson, who signed a seven-year, $132 million deal earlier this month.

Barrows took a look at the first three years of Johnson's and Fitzgerald's NFL careers and found the numbers aren't that far off from those Wallace has put up in his three years in the league.

At 25 years old, Wallace could certainly continue on to have a career comparable to those of Johnson and Fitzgerald and could thus be worthy of a deal similar to what either of them have inked. Just don't expect that to come from the Steelers.

Even if Wallace has another 1,100-yard season in 2012, the Steelers won't pony up that kind of cash in 2013. The cap situation isn't going to get much better next year, and two more receivers—Antonio Brown and Emmanuel Sanders—will both be restricted free agents.

To keep Wallace around long-term while not losing both or either of Brown and Sanders, the Steelers would need to have another series of roster cuts and contract restructures, ones that are even further-reaching than the ones they had to make this year.

It's not that Wallace isn't valuable to the Steelers, because he most certainly is, but the price is likely going to be too high for the team to engage in the inevitable bidding war that is going to break out as soon as Wallace hits the open market as an unrestricted free agent next year.

Wallace did do his part to remain a Steeler for this season, however. There's a reason he made it known to the San Francisco 49ers (and likely other teams who called him) that his asking price is as high as it is—he knew that no team would be willing to pay him that much while also giving up a first-round draft pick in the process.

It's not out of the question a team could come calling before April 20th, but the number of teams that both have the cash on hand as well as a need at receiver have dwindled considerably. Only the Cincinnati Bengals seem to be a viable option, but it's doubtful they'll ultimately want to pay so much for Wallace this year.

So, it's a win-lose situation for the Steelers. On one hand, Wallace is almost guaranteed to remain with the team for one more season, but could be all the time the team has remaining with Wallace on the roster.

That is, unless the team can get a deal done with him before he hits the open market next year. Team president Art Rooney II reiterated that the Steelers want to make a deal with Wallace sooner than later, hinting that more cuts and restructures could occur in the coming months to free up the necessary cash.

In 2013, Wallace is certain to become one of the highest-paid receivers in the league, but the odds are very much against him getting that kind of deal from the Steelers unless they make some seriously drastic roster moves. Enjoy him while you have him, I suppose, but also realize that keeping him may cost the Steelers in other ways than just cash.

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