It appears as though the top free agent receiver is just about off the board.
According to CBS Sports' Jason La Canfora, the Dolphins have reached an agreement with receiver Mike Wallace, and barring a failed physical, he will sign a contract that La Canfora says will average $12 million per year.
The NFL Network's Jeff Darlington reports Wallace will make $30 million of guaranteed money.
The thinking that Wallace would go to Miami picked up momentum in the past few days when many reports linked the two sides together. Considering the Dolphins reportedly weren't interested in Greg Jennings, probably the second-most-coveted free agent receiver, Wallace going to Miami seemed awfully likely.
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It's a much-needed move for the Dolphins, because the newly re-signed Brian Hartline (while effective) isn't really a No. 1 receiver. Now, that distinction falls to the deep threat Wallace, who will help second-year quarterback Ryan Tannehill continue to improve as he tries to help the Dolphins overthrow the Patriots in the AFC East.
Even though Wallace had a rough 2012, former agent Joel Corry, writing for CBSSports.com, said that didn't matter.
“Speedy wide receivers who can consistently stretch defenses as primary receiving targets are usually paid a premium,” Corry wrote. “Wallace, who is 26 years old, is averaging 17.2 yards per catch during his four-year NFL career. His subpar 2012 season is irrelevant. Wallace will be given the benefit of the doubt that it was an anomaly because he missed most of the preseason in a contract dispute with the Pittsburgh Steelers and the new offensive system didn't utilize his strength as a deep threat.”
So, is paying Wallace this much money worth it for the Dolphins, or did they overpay him because of a weak free agent receiver class?
According to CBSSports.com's Pete Prisco, the answer very well could be yes.
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