The Dolphins have paid receiver Mike Wallace $27 million since signing him nearly two years ago. Due to make $9.85 million in 2015, Wallace reportedly isn’t willing to take a penny less.
Via Omar Kelly of the South Florida Sun Sentinel, Wallace won’t restructure the contract.
It’s unclear whether that means he won’t take less money or whether it means he won’t take a large chunk of his salary now as a signing bonus, allowing the cap dollars to be spread over future years of the deal. His cap number currently is scheduled to be north of $12 million.
For the Dolphins, there’s no specific deadline for action before Week One of the regular season. Of the $9.85 million salary, $3 million is fully guaranteed. Per a source with knowledge of the situation, there’s no roster bonus or other trigger in March that would entitle Wallace to cash in hand or to more guaranteed money.
If Wallace won’t reduce his salary, and if the Dolphins aren’t willing to spend $9.85 million in 2015 in the hopes of justifying $27 million spent in 2013 and 2014, a trade makes sense -- if the Dolphins can find a suitor. At $9.85 million in base salary with plenty of options on the free-agent market and a trend toward rookie receivers making an impact right away, that’s unlikely.
If a trade isn’t possible, the Dolphins would be wise to cut Wallace sooner rather than later. Per a source with knowledge of the situation, the $3 million guarantee has offset language, meaning that the Dolphins will avoid the obligation if he gets at least $3 million from someone else. The sooner he’s on the market, the more likely he’ll exceed that number.
