Extension talks between Steelers, WR Mike Wallace essentially dead for 2012 season

 Talks between Wallace and the Steelers are essentially dead at this point. (US Presswire)

The following is a report from CBS Sports NFL Insider Jason La Canfora. Follow him on Twitter @JasonLaCanfora.

There have been no new talks between receiver Mike Wallace and the Steelers, and none are planned before kickoff on Sunday. The Steelers have a long-standing policy of not doing deals in-season, and that will apply to Wallace as well.

Wallace is set to make a little more than $2 million this season, and he could be franchised next season. He is seeking roughly $11 million per season or more on a long-term deal, while the Steelers have long maintained a threshold approaching $10 million a season. There is no real hope of a deal getting done in 2012 at this point.

Wallace would carry a cap hit and salary over $10 million in 2013 on the franchise tag, and the Steelers have had cap issues the past few years. However, there is a strong chance 2012 is James Harrison's last in Pittsburgh, given his health and age and growing salary, and while Pittsburgh already extended receiver Antonio Brown and plan to do the same with Emmanuel Sanders next year, it's hard to see them letting Wallace walk.

Franchising him would buy time to do a more cap-friendly deal or even work out a trade if need be. General manager Kevin Colbert was adamant this year, during Wallace's holdout, that the team would not entertain trade talks at that point. Wallace eventually reported late in the preseason.

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