Steelers win $7 million in Wallace gamble

It's past 4 p.m. on Friday. You know what that means? It means more than the start of happy hour. It's time for the Steelers to breathe a sigh of relief.

WallaceWallaceNo team signed restricted free-agent Mike Wallace by the deadline, according to ESPN's Andrew Brandt. So, Wallace remains with the Steelers this season.

Congratulations, Pittsburgh. The Steelers' front office took a risk by not putting the franchise tag on Wallace and won $7 million with that gamble. If you want to be specific, the Steelers netted $6.8 million by putting a first-round tender on Wallace ($2.7 million) instead of the tag ($9.5 million).

Wallace hasn't reported to offseason workouts because he has yet to sign the tender. He has until June 15 to sign it before the Steelers can get cut the tender to $577,500 -- a loss of $2.1 million. But that's not going to happen. The Steelers aren't going to save any more millions of dollars with Wallace this year.