Lets look at this from a different perspective before we say that some vets are overpaid. Lets view this form the standpoint that the Steelers are not up against the cap. What team would you want to put on the field? The one with Polamalu, Harrison, Wallace and Mendenhall or the one with Golden (or rookie), Worilds, Brown and Dwyer? We all know the answer to that, so in that case, the vets aren't overpaid for their services they are clearly the best option and are still at or near the top in the NFL at their position.
If Harrison and Polamalu weren't making splash plays in the last quarter of the season and ended the season healthy I would say, okay, fine, release them and move on, but the defense was playing really good football late in the year and both Harrison and Polamalu were making plays we expect from them and they went into the off season healthy, they are still top 5 at their position in the NFL, IMO.
Unfortunately, the cap is an issue, but one thing is for sure the salary cap is going to increase next year, so, is there a way to retain the vets and insert SOME youth for 2013 and then complete the transition in 2014 and be competitive both years while making the generational switch? That, is the question the Steelers are probably trying to answer right now. The Steelers don't normally overhaul the team in one year, which is what would be happening if too many vets are cut or released.
If I were to take a guess right now I would think the Steelers are trying to find a way to field a team that can compete every year without the veteran blood letting that we all seem to think is coming. Its almost a certainty that if a lot of the vets are cut and not resigned the team will be looking at a top 10 draft pick in 2014, just my opinion.