I don't understand why Wallace is doing this. He is only hurting himself in the worst kind of way for various reasons:
First of all, as mentioned elsewhere, he cannot be traded anywhere if he has not signed the Tender. Meaning, if Steelers actually decide to play this all the way through, he could end up sitting a whole year doing nothing. As far as I understand the rules, he'd even be a RFA next year as well if he did not offer Steelers his service this year, putting him in the same boat as right now.
Obviously, neither camps want that to happen, however Wallace is not exactly showing the Steelers that they should feel at all inclined to help him at all; be that in signing him nor trading him.
Secondly, teams are not interested in paying big money to divas. Sure, if he was 32y old and on the decline you can throw a couple of mils after a player, but you are not going to throw 10 million+ per year after a guy who quite obviously are much more interested in making money than staying in football shape. He could EASILY attend to OTAs and still gain everything he wanted. In fact, chances are probably bigger that way.
When this is said, we really have no idea whether or not this is actually true, as none of all this have been stated by Wallace nor his agent.