Mike Wallace agrees to deal with Miami Dolphins

The Miami Dolphins reached an agreement with former Pittsburgh Steelers wide receiver Mike Wallace on a five-year deal worth $60 million, with 30 million dollars guaranteed, a person with knowledge of the negotiations told USA TODAY Sports. The person spoke on the condition of anonymity because Wallace was undergoing a physical and had yet to sign the deal Tuesday night.
The Dolphins later confirmed the Wallace signing in a tweet Tuesday night.
Even before the three-day negotiating period, it was clear Wallace was on the Dolphins’ radar. Then, as USA TODAY Sports reported on Sunday, the Dolphins spent the weekend talking to Wallace’s agent.
Wallace had 1.193 receiving yards and eight touchdowns in 2011 and was selected to his first Pro Bowl, but his numbers fell last season, when he caught 64 passes for 836 yards and was plagued by drops. Still, Wallace led the Steelers in receiving touchdowns the past two seasons – with eight each year – after tying for the team lead with 10 in his rookie season.

Mike Wallace agrees to deal with Miami Dolphins
Mike Wallace.

The Miami Dolphins have signed free-agent wide receiver Mike Wallace.
The Dolphins announced the deal on their official Twitter feed saying – “The ink is dry and it’s official. Please welcome @Wallace17_daKid to the Miami Dolphins!”
The deal is worth 60 million dollars over five years and includes $30 million in guarantees, sources told ESPN NFL Insider Adam Schefter.
Wallace, a restricted free agent, had 1,193 receiving yards and eight touchdowns in 2011 with the Pittsburgh Steelers and was selected to his first Pro Bowl. The 25-year-old has led the Steelers in receiving touchdowns the past two seasons after tying for the team lead his rookie season.
Pittsburgh changed offensive coordinators after the 2011 season, parting ways with Bruce Arians and hiring former Chiefs coach Todd Haley.
The Steelers drafted Wallace in the third round (84th overall) in 2009 out of Mississippi.
Adding to their free-agent haul, the Dolphins also have reached an agreement with Baltimore Ravens free-agent linebacker Dannell Ellerbe, ESPN confirmed.
The Ellerbe deal is worth 35 million dollars over five years, according to The Baltimore Sun.
Ellerbe was the Ravens’ best defensive player by the end of the team’s Super Bowl run. This season, he finished second on the team in tackles (89) and sacks (4.5).

The Dolphins, meanwhile, said goodbye to linebackers Karlos Dansby and Kevin Burnett – who they cut after signing Ellerbe and Wheeler. Tight end Anthony Fasano is also gone, agreeing to a deal with the Chiefs.
The Dolphins officially announced the Wallace and Clemons signings just after 10?p.m. Tuesday. News of the other moves came via league sources.
“We are pleased to reach an agreement with Mike Wallace” – Ireland said in the prepared statement. “He has a unique skill set which we believe will be a welcomed addition to our offense. We are looking forward to his contributions to the team.”
Earlier in the night, the organization posted on Twitter, “What a day. More to come…”
The remarkable thing is, the Dolphins still have the resources to follow through on that promise. Even after their flurry of moves, it’s estimated the team has more than $20 million of remaining cap space.
Landing Wallace alone would have been a coup.
He had been atop the team’s wish list since the season ended, and Ireland wasted no time in locking him down with a five-year contract worth an estimated $65?million.
Wallace will be the third-highest-paid wide receiver in the NFL behind Detroit’s Calvin Johnson and Arizona’s Larry Fitzgerald, according to a person familiar with the deal.
The agreement was reached with breathtaking speed; the terms were leaked just minutes after the 4 p.m. start of free agency, and Wallace took a physical shortly thereafter.
He’s been in Miami for the past week, The Miami Herald learned, but Dolphins sources emphatically denied the team visited with Wallace before the permitted time.
Wallace, who has 32 touchdowns catches in four seasons, was coveted for his 4.3 speed. Word of his arrival spread even faster.
“This really is exciting” – said Dolphins guard Richie Incognito, a Pro Bowler in 2012. “To have (Brian) Hartline back too, I think we’re really going to be a vertical threat.”

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