If some other team signs Mike Wallace this week, the Steelers will come out smelling like a rose. First, the final drive in Superbowl 45 against the Packers was lost because Wallace couldn't get separation on the shorter routes. Ben and Wallace tried to pull a Ben and Holmes drive and it didn't work. Why? Wallace isn't Holmes. He isn't Antonio Brown or Emmanuel Sanders. Mike Wallace is a speed demon one trick pony. It's a great trick. It's worth about two plays a game. What are the Steelers going to do with the remaining 30 odd pass plays in the game?
The Steelers have a lot of needs on at other positions. They need cap space and the extra 1st round draft choice would allow the Steelers to fill those holes. The Steelers could draft two of the following 4, Hightower, Poe, Adams and Baron. That extra player is going to make a bigger impact than Wallace.
If the Steelers can keep Wallace at the current tender, then the Steelers will have a great deal. If some team pries him away from the Steelers, then the Steelers still win.