Thats the EXACT reason why IMO he hasnt signed! Look around the league: $5.85 mil/year is $1 mil less than Stevie Johnson money with ZERO job security. In comparison Vincent Jackson signed this season for 5 years $55 mil. In Jacksons BEST three seasons he totalled ~3300 yards 25 TDs - Wallaces FIRST 3 years totalled 3200 yards 24 tds! He deserves V-Jac money! He deserves more. If the Steelers arent willing to atleast give him $10-11 mil/year, then I cant blame the guy for holding out! I'd hate to see it happen, i dont think it will happen!
But he has no bargining power and the F.O. Knows it. He has to sign or retire, doesn't matter who got what.