Pittsburgh Steelers: Why They Need to Extend Mike Wallace Now, Not Later

The Pittsburgh Steelers face the prospect of both Mike Wallace and Troy Polamalu hitting free agency after this coming season.

Ed Bouchette of the Pittsburgh Post-Gazette writes that the team won't be extending any more deals after locking up Lawrence Timmons for the foreseeable future.

The Steelers managed to come through this offseason without losing any significant pieces from their roster and wrapping up their priorities.

However, it is never too late to look ahead to next season and it would have been prudent for the team to lock up at least either Mike Wallace or Troy Polamalu this year. They may be pretty close to the cap at this stage, but there is still enough room to maneuver along with the availability of the exceptions.

The Steelers were definitely smart not to extend Polamalu because of his recent injury history and the fact that he is getting up there in age. In a perfect world, Wallace would have been re-signed before this season, allowing the team to use the franchise tag on Polamalu next year.

With the franchise tag on Polamalu, that would allow him to prove his health and durability over the next two seasons before being signed to a long-term deal.

Without signing Wallace, the team faces the dilemma of deciding who to lock up with the tag and who to negotiate with down to the wire before free agency next year.

Wallace likely won't be in a better position for the Steelers to negotiate with after this season, as he sets his sights high. Of course, he is probably the only person that believes that he can actually reach his set goal of 2,000 yards receiving, but another prolific season only serves to make him a more valuable player on the open market.

With that in mind, Wallace will be in no rush to re-sign with the Steelers. Fans may not like to hear it, but more often than not, players will chose more money over re-signing with their original team.

You have to view it from Wallace's point of view, as he comes off a rookie contract that hasn't paid him all that much considering he was drafted in the third round.

Wallace hasn't had years and years of production on big-money deals in the NFL—he will essentially be in the same position Chris Johnson is in right now with the Titans, although without the totally unrealistic demands.

He would probably be delighted to sign a long-term deal with the Steelers should they choose to offer him one. However, once the season comes and goes, it is going to be much difficult.

The Steelers definitely know what they are doing, as Omar Khan and Kevin Colbert are two of the best in the league at what they do, but there will probably be some anxious moments for Steelers fans during the 2012 offseason.

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