Scott Brown of the Pittsburgh Tribune-Review suggests that the Steelers could place the franchise tag on restricted free agent Mike Wallace. Re-signing Wallace to a long-term deal is the Steelers' top offseason priority after they get their salary cap in shape. Franchising Wallace could at least buy time until an extension is struck. The wide receiver franchise tag will cost roughly $9.6 million. It would also prevent any teams from trying to sign Wallace away. The Steelers wouldn't have that same protection if they only extended Wallace a first-round restricted tender.

Per Football Outsiders' Brian McIntyre, the Steelers have freed up over $18 million in cap space since the season ended. The moves have included cutting CB Bryant McFadden and WR Arnaz Battle, and redoing the contracts of CB Ike Taylor, and LBs Lawrence Timmons and LaMarr Woodley. As of late January, the Steelers were a projected $25M over the cap, so more transactions are coming. They may include releasing WR Hines Ward, NT Casey Hampton, and LG Chris Kemoeatu. The Steelers want to give Mike Wallace a long-term deal rather than try to retain him with a restricted tender.

Steelers president Art Rooney II confirmed that a long-term contract for Mike Wallace will be a top priority this season. Wallace's free agency is restricted, which means he's a lock to play in Pittsburgh next season regardless. The Steelers often lock up young nucleus players before they reach unrestricted free agency. One of the NFL's elite deep threats, Wallace has finished as a top-10 fantasy receiver in each of the past two seasons.

The Steelers are expected to tender restricted free agent Mike Wallace at the first-round level if the sides can't agree to a long-term contract before free agency begins on March 13. If another team tried signing Wallace to an offer sheet after he was tendered at the first-round level, the Steelers would receive a first-round pick in return. (As good as Wallace is, few teams would be willing.) Wallace is almost certain to be back with Pittsburgh in 2012. In a perfect world, the Steelers would lock up the 25-year-old for the next four to five seasons.

Mike Wallace was limited to 26 yards on three catches, but rushed for a one-yard touchdown in the Steelers' Divisional Round loss to Denver. Wallace spent most of the game in Champ Bailey's coverage, though Ben Roethlisberger still forced plenty of passes in the way of "60 Minutes." Wallace led the Steelers with ten targets, only finishing fourth on the team in receiving. An impending restricted free agent, Wallace is likely to receive the highest possible RFA tender this offseason if a long-term deal can't be reached. He ended the regular season with a 72/1,193/8 line, fading a bit as Antonio Browns cut into Wallace's targets down the stretch.

Mike Wallace (ankle, probable) practiced in full again Friday. Wallace is in no danger of missing Sunday's game against the Browns, and there are indications Ben Roethlisberger (ankle) could end up playing more than initially expected. Wallace would be a strong Week 17 fantasy starter.

Mike Wallace (ankle) was upgraded to full participation in Steelers practice Thursday. Wallace will be active against the Browns Sunday as the Steelers look to stay in the hunt for the No. 2 seed in the AFC. Even with Ben Roethlisberger expected to be on a snap count, Wallace is Rotoworld's 11th ranked receiver for Week 17.

Mike Wallace was limited in Steelers practice Wednesday. The Steelers have yet to announce Wallace's injury, but it's possible he was simply getting some rest. As long as he's not downgraded to out on Thursday, he should be on track to play in Sunday's regular season finale against the Browns.

Mike Wallace caught five passes for 66 yards in Monday's game against the 49ers. Wallace led the Steelers with 12 targets and averaged 13.2 yards per catch, but was held out of the end zone once again and finished with less than 100-yards for the seventh straight game. While he's still the No. 1 option in Pittsburgh's offense, he continues to be limited by the emergence of Antonio Brown. Wallace projects as a recommended fantasy option for Week 16 against the Rams.

Mike Wallace caught four passes for 57 yards and added one end-around for 21 yards against the Browns in Week 14. Wallace was well on his way to a big night with 54 scrimmage yards in a quarter and a half before Ben Roethlisberger's ankle injury. He also had a 21-yard touchdown overturned when his knee brushed the grass while impressively breaking a tackle at the 3-yard line. Just the fourth receiver in Steelers history with 1,000 yards in back-to-back seasons, Wallace will square off with Carlos Rogers and the 49ers in Week 15.