The Patriots could sign Wallace then, once the paperwork was out of the way, trade him to the Dolphins in return for future draft choices. The Steelers would get a 31st, the Dolphins would get Wallace without losing their #8 overall choice and the Pats would get their beloved future picks.
This morning, as I was reading various comments on various posts, I was struck with a nasty thought. The Pats and Dolphins could put Wallace into a Phins uniform with the Steelers only receiving a 31st overall draft choice.
It is a win for the Dolphins as they could have their cake and eat it as well.
The Pats would probably be able to get a greater value from their 31st than if they just traded down plus they would know that they just crippled a key AFC rival.
The Steelers would get a 31st, which would be the second lowest possible value for Wallace available.
Hopefully I am incorrect about the possibility and likelyhood of this scenario.