Pittsburgh Steelers: Assessing the Steelers' Salary Cap Situation

It's been a different offseason than Pittsburgh Steelers fans are used to, as the team was forced to work hard—and part ways with several key veterans—to get underneath the salary cap prior to the new league year.

Gone are Hines Ward, James Farrior, Aaron Smith and a host of other notable names in Pittsburgh, and the subsequent intake on new players hasn't proven particularly spectacular.

The team has made a couple of minor free-agency moves, including signing veteran tight end Leonard Pope and re-upping wideout Jerricho Cotchery. 

But the most important shoe to drop—or, perhaps, not drop—is a new contract for receiver Mike Wallace.

Wallace, a restricted free agent, was tendered at the first-round level, meaning that any team looking to acquire him would forfeit a first-round pick to the Steelers. He is looking to be paid like an elite receiver, some of which are receiving nine-figure contracts these days.

While it remains unclear how the Wallace saga will be resolved (count on him being back in black and gold), we know that, for now, the Steelers currently stand at $5.712 million under the salary cap.  

Given the desperation that the franchise was facing heading into the offseason, that's an impressive figure to be at.  The price paid is obvious, as, no matter how successful the Steelers are in 2012, the absence of such reputable veterans like Ward, Smith and Farrior will undoubtedly be noticed.