I'd say that a trade before week six is way more likely now...
The Steelers could allow Bus Cook to negotiate with other teams and make a sign-the-tender-and-trade type deal...
Wallace Unlikely to be Traded, but Not for the Reasons You May Think
July 28, 2012
Gerry Dulac tweeted yesterday that he wouldn’t be surprised if the Steelers traded Wallace at some point during training camp. It is believed that after signing Antonio Brown the Steelers no longer believe they will be able to reach a long-term deal with Mike Wallace. Earlier this week it was falsely reported that Wallace had agreed to a five year contract worth $42 million dollars. Antonio Brown’s new deal, coincidentally, is worth that exact amount. After news got out that Wallace’s supposed new deal was a false story it was reported that negotiations had fallen apart. Now Steelers blog sites everywhere are attempting to come up with trade ideas for Wallace.
My current stance is this: Wallace won’t be traded because it won’t be worth it for the Steelers. The best trade idea I have seen is that the Steelers could trade Wallace to the Kansas City Chiefs for disgruntled receiver Dwayne Bowe and a draft pick. However, that deal would require Wallace wanting to go to KC (as he would have to sign a deal to be traded) and KC agreeing to the deal in the first place. Bowe has also been a bit of a head-case in KC and doesn’t seem the type of player the Steelers would be looking to bring in. Other sites have mentioned a Wallace for Maurice Jones-Drew deal, but again that deal makes little practical sense.
The most practical trade idea would be trading Wallace for a draft pick. However, when Wallace was a restricted free agent he held a first round tender (meaning any team who signed him would send their first round pick to the Steelers) and he received no offers. In that case it is highly unlikely to think the Steelers could get a first round pick for Wallace. A second round pick would likely be offered by a multitude of teams, but the value just isn’t there. If the Steelers keep Wallace for 2012 and let him walk via free agency they will receive a third round compensatory selection meaning they could have a year of Wallace plus a third round pick which is worth more than a second round pick.
Wallace is a dynamic playmaker and could be the difference for a team looking to make another run at the Super Bowl. There is also the ever lessening possibility that the Steelers could still sign Wallace long-term. They still have plenty of cap space to work out a deal with Wallace. They can also now threaten to franchise tag him next year as a scare tactic in negotiations. Currently the Steelers are estimated to have in the area of $6 million to spend not including the $2.7 million tendered to Wallace. They could easily sign Wallace to a deal with a cap hit of around $5-6 million in 2012 and leave themselves with some breathing room in case of injury.
i dont think the author really thought the draft pick thru. the steelers best draft pick would be a comp pick at the end of round 3, so somewhere around 97-100. a team that may give up a second round pick will be anywhere between 33-64. that's a potential huge differernce between a player that barely dropped out of the first round compared to a legit middle to end of round 3 guy at best.