Steelers willing to let Wallace hit the market

The Pittsburgh Steelers have until March 3 to determine the fate of wide receiver Mike Wallace, and according to the Pittsburgh Post-Gazette they are willing to let the 25-year-old hit the open market.

Originally it was believed that the Steelers would use their franchise tag on Wallace, but now it seems as though salary cap issues have them leaning more towards using a first-round restricted tender on him.

The Steelers are already looking at around $10 million over the cap, and a franchise tag to Wallace would ring them up for another $9.4 million. By using their first-round restricted tender on Wallace the Steelers can either match any offer he gets on the open market, or accept a 2012 first-round draft pick in exchange for losing him.

The question the Steelers must ask themselves is how much is Wallace worth to them?

Wallace has led the Steelers in receiving in each of the last two seasons, taking over the thrown from Santonio Holmes. In 2011 Wallace posted 1,193 receiving yards and eight touchdowns.