The longer Mike waits to show up, the more I think he fears being exposed as more of a one trick pony versus the second coming of Larry Fitzgerald. The only other logical reason he could have for holding out is hoping that the current crop of receivers fails to shine as a unit in preseason and the Steelers cave in to his asking price (which isn't going to happen).
IMO, if he never dresses for the entire season (Steelers don't even let him dress when coming back with six weeks left), some dumb team will pay him big bucks next year based on his history. If he comes in this season and continues his disappearing act from last year, he loses the jackpot altogether.
He is maximizing his best chance for a big payday, which tells me he cares less about the Steelers and football (if so, good riddance) and more about the big windfall.
One more thing, for those of you who say that there is nothing wrong with trying to get as much cash as possible because it has to last a lifetime, why are they so special that they should never have to work again after leaving the NFL? While I have no disagreement with making as much as you can, when you put that before your team (in the case of installing a brand new offense, every day missed hurts both you AND your team), then in my book you can go suck an egg. Finishing out your contract at $2.7M is NOT a hardship and I don't feel sorry for you one bit. Unless he shows up soon, I see him as a selfish cancer and hope he disappears for good.
One more thing (part II), for those of you who have poo poo'd (for lack of a better word) posters bemoaning Mike's failure to show since the OTAs, and wrote them off as silly worry warts that need to calm down because YOU KNOW that he is showing up soon... Just because they saw the writing on the wall earlier than others doesn't invalidate their points.