It all gets down to does Mike Wallace deserve more than $2.7M? Answer is Yes.
Did Mike Wallace have a chance to get significantly more than the $2.7M he is playing for? Answer is Yes.
Who prevented Mike Wallace from getting much, much more? Answer is Mike Wallace.
All this talk about what a bargain Wallace is is moot because Mike Wallace chose to be a bargain. He is not being exploited, he is playing for the what he decided to play for. He knew that behind Door #1 there was a contract reported to average $9M per year for multiple years and behind Door #2 there was a contract for $2.7M for one year. Mike Wallace himself chose Door #2. No coercion, no threats, his choice.
Some want to feel sorry for him like he doing us all a favor by playing as well as he does, but life is full of choices and Wallace made the wrong one.