Steelers decline to use franchise tag
Share with others:
The Steelers pulled no surprises today when they declined to use the franchise tag by the 4 p.m. deadline to do so.
They long ago determined they did not have enough salary cap room to use the tag, specifically on a player such as Mike Wallace, who would have required approximate $9.4 million in a one-year tender as the franchise player.
The franchise tag virtually assures no other team will sign a player because it requires two first-round draft choices in return to do so.
Instead, the Steeler will tender Wallace as a restricted free agent, a one-year tender of more than $2.7 million that will maintain their rights to match any contract he might sign after the free agency signing period begins March 13. If he signs elsewhere and they decline to match, the Steelers would receive a first-round draft pick from the signing team in return.
"We don't have the cap room of having the luxury o fusing the franchise tag this season,'' GM Kevin Colbert said today on Steelers.com.
First Published March 5, 2012 4:31 pm