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NFL Free Agency: Dolphins reportedly considering asking Mike Wallace to take a pay cut

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The ex-Steelers wide receiver may be done in South Beach, as he is not expected to re-work his contract just two years into it. A total of $3 million of his $9.9 million salary in 2015 is guaranteed if he's on the roster March 10.

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The last 10 percent of the $30 million guaranteed Dolphins receiver Mike Wallace was given as part of his 5-year, $60 million deal in 2013 sits in the form of a $3 million guarantee if he remains on the Dolphins' roster on March 10, 2015.

He may not see it.

According to the Miami Herald, the Dolphins are considering asking Wallace to restructure his contract - Wallace is due $9.85 million this season - or face a release. Wallace, who will be 29 at the start of the season, isn't likely to accept any kind of restructure, and could be hitting the open market for the second time in three seasons.

Upon doing so, it would close the conversation on whether Wallace was worth the contract at the value he was given. It isn't all Wallace, however (although he reportedly walked off the field during a Dolphins' final drive in a meaningless Week 17 game against the Jets last year). Quarterback Ryan Tannehill completed 16-of-53 deep passes in 2014, among the lower half of the league in that statistic.

With a stronger-armed quarterback, it wouldn't be surprising to see Wallace's career rejuvenated; odds of him getting $30 million guaranteed again are nil, only slightly better are his odds of fielding an offer from the Steelers.