The Steelers' front office took a risk by not putting the franchise tag on Wallace and won $7 million with that gamble, netting $6.8 million by putting a first-round tender on Wallace of $2.7 million instead of the $9.5 million tag.
Wallace hasn't reported to offseason workouts because he has yet to sign a contract tender.
He has until June 15 to sign it before the Steelers can cut the tender to $577,500 -- a loss of $2.1 million.
Steelers team president Art Rooney II has said the team wants to sign Wallace to a multiyear contract.
Wallace caught 72 passes for 1,193 yards and eight passing touchdowns last season, all team highs. In three seasons, he has 171 catches for 3,206 yards and 24 TDs.
Information from ESPN.com's Jamison Hensley was used in this report.