The deal is done. Mike Wallace agreed to a five year deal with the Miami Dolphins today.
Wallace spent the first four years of his career with the Pittsburgh Steelers. During that time, he caught 235 passes for 4,042 yards, with 32 touchdowns. He was a Pro Bowl selection in 2011.
The Steelers placed a first round tender on Wallace last season as a restricted free agent. He completed the season under that tender, earning the fourth year needed to reach unrestricted free agent status, and was on the open market for any team.
The Dolphins were targeting the wide receiver position this offseason, looking to build weapons around second year quarterback Ryan Tannehill. Wallace qualifies as a weapon simply based on his speed. He can get over the top of the defense on every play, forcing teams to rotate safeties to help cornerbacks.
Miami came into this offseason with the third most salary cap space in the league, before placing the franchise tag on defensive tackle Randy Starks and re-signing receiver Brian Hartline and quarterback Matt Moore. The team came into today with around $30 million in remaining space.
The Dolphins are expected to be active over the next few days, adding some big pieces to the roster. The team is rumored to be targeting tight end Jared Cook, running back Rashard Mendenhall, and tackle Eric Winston. They could also bring back their own free agents, to include cornerback Sean Smith or tackle Jake Long.