Trade interest is low for Mike Wallace as only a handful of teams can afford to take on his high-priced contract. That leaves the Miami Dolphins to get creative in how they can retain Wallace, re-sign Ryan Tannehill and still have money left over to improve the roster. With cuts already getting made to several veteran players, Wallace remains as the Dolphins look to restructure the receiver's contract in order to keep him on the field.
Wallace will be a $12.1 million cap hit next year with $9.6 million in guaranteed money. If Wallace is cut by early March, the Dolphins would save around $5.2 million to $6.9 million in cap space. That would give the Dolphins a great deal of money to work with in free agency, but it would also leave a hole to fill for a No. 1 wide receiver. The decision on the wide receiver is certainly not easy considering he is a threat for big plays, but has also had his fair share of dramatics in two seasons in South Beach.
General manager Dennis Hickey told the media per the Miami Herald that he has "shared a meal" with Wallace and that talks are positive between the wide receiver and the Dolphins. Barry Jackson of the Miami Herald reports that Miami is meeting with Wallace about potentially restructuring his contract to be an easier cap hit for the Dolphins. It is unknown just how receptive Wallace is to these new contract talks. If he is not happy about the idea of taking a pay cut, the receiver will simply be released.
With several players approaching free agency, the Dolphins are trying to figure out who stays and who goes and Wallace's decision will play a crucial role in that effort. The Palm Beach Post reports that the Dolphins aim to re-sign tight end Charles Clay as he gets interest from other teams. Clay dealt with knee injuriesi n 2014, but still managed to finish with 605 yards and three touchdowns.
There will be cap casualties regardless of the decision on Wallace. The Dolphins are trying to re-sign Tannehill to a new contract that makes him a long-term commitment and they simply cannot afford to do so with the current roster in place. The Herald reports the two likely cuts could come with Brian Hartline and Brandon Gibson, but only if Wallace returns. If the Dolphins are forced to release the wide receiver, everyone else stays put, but if he comes back then other options will be looked at.
