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Source: No tag for Mike Wallace

Updated: March 2, 2012, 9:35 AM ET
By Adam Schefter | ESPN

The Pittsburgh Steelers plan to tender, not franchise, restricted free agent Mike Wallace, according to a source close to the wide receiver.

This means another team could try to sign Wallace to an offer sheet that the Steelers would have the right to match -- or get a first-round pick in return.

The highest qualifying offer for Wallace is about $2.75 million, nearly matching the amount that Pittsburgh is now under the salary cap. To franchise Wallace would cost Pittsburgh ...

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