The deadline to apply the franchise tag came and went on Monday afternoon and the Pittsburgh Steelers stood flat. This means that receiver Mike Wallace did not receive the franchise tag. Instead, the Steelers are expected to place a first- round tender on him.
The first-round tender means that any team can offer him a contract and, if the Steelers choose not to match. they can give the Steelers a first round pick in exchange for Wallace. The previous CBA set the highest tender level at first and third round picks but the new CBA drops that to just a first round pick so there's some concern out there that a team will offer Wallace a big deal that the Steelers can't match.
Pittsburgh has been restructuring multiple contracts in the past few weeks to create cap space so they're in better shape than they were even a week ago. They're confident they'll be able to keep Wallace in Pittsburgh.