In June the team has the right to cut his pay to less than $600,000 and they should do it. It will save them a lot of money. Wallace will no doubt be angry, but it won't matter at that point; there's nothing he can do about it.
Both team and player can then proceed through the season with the understanding that Wallace will be gone in 2013. If Wallace is smart, he will play hard to convince other teams to sign him. It's a win-win: the Steelers get Wallace playing at a high level in 2012 and Wallace gets to leave the team in 2013.
Then if the Steelers wanted to really rub salt in the wound, they would franchise Wallace in 2013. He would be stuck with the Steelers until 2014.
Personally I think it's healthier to get rid of uncooperative players rather than bending to the whims of moody, "locker room cancers" who will sabotage everything that you're trying to accomplish.
The Steelers set a precedent when they dumped Santonio Holmes, and history has proven them right.
I'm scratching my head wondering what Bus Cook, Wallace's agent, is thinking. He's supposedly a savvy, veteran NFL agent but so far he's only made all the wrong moves for Wallace.
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