Report: Dolphins' Mike Wallace unwilling to restructure contract

Miami Dolphins wide receiver Mike Wallace has told the team he will not restructure the final three years and $32.9 million remaining on his contract, according to Omar Kelly of the South Florida Sun Sentinel.

Wallace has expressed displeasure with the conservative nature of the Dolphins' offense and would rather test the open market than rework his contract, Kelly reports. He is owed $9.9 million in 2015 and $11.5 million in 2016 and 2017 as part of the five-year, $60-million contract he signed with Miami in 2013.

NFL Network's Ian Rapoport reported Wednesday that the Dolphins are exploring trade options for Wallace because of his play and fit in the locker room. 

Trading Wallace would create $5.5 million in cap relief, but would also include $6.6 million in dead money. Cutting him would create $6.9 million in cap relief.

Dolphins executive vice president of football operations Mike Tannenbaum appeared on 940 WINZ on Thursday and admitted the team is still figuring out what to do with Wallace.

"Mike is a guy who is under contract for now. We're discussing all our options," Tannenbaum said. "Coach (Joe) Philbin, (owner Steve) Ross, (general manager) Dennis (Hickey) and myself, we've talked. For now Mike is under contract, and we'll see where things go from there."