Len Pasquarelli of the Sports XChange notes that the Steelers could reduce Wallace's $2.7 million tender by more than $2 million if he is unsigned as of June 15. (He is not expected to sign anytime soon.) But the Steelers don't want create any bad feelings with a player that they'd like to have around for a while.
If nothing else, the Steelers have Wallace under contract for cheap this year and they could use the franchise tag on him next year. G.M. Kevin Colbert expressed optimism on SiriusXM Radio recently that the Steelers would be able to sign Wallace long-term, but there has been no evidence of progress in contract talks.