The Dolphins have the franchise wide receiver to go with with their franchise quarterback. Miami signed former Steelers wideout Mike Wallace 
on Tuesday to a five-year deal worth $60 million with $30 million guaranteed. The news was first reported by NFL Network's Jeff Darlington, who also said that Wallace is currently taking his physical. He is expected to be at Dolphins headquarters later today and will sign the contract at about 6 p.m. Eastern.
Wallace, one of the best deep-threat receivers in the game, had a disappointing 2012 as he caught 64 passes for just 836 yards. But he did have eight touchdowns.
Fantasy Analysis:
Granted, a lot of Wallace's struggles last year came when Ben Roethlisberger was hurt, and the Steelers' passing offense fell into the toilet.
The Dolphins needed big-time help at wide receiver, and this partnership has been basically done for a few days. They have a nice trio at WR with Wallace, Brian Hartline and Davone Bess . Yes, they definitely overpaid for Wallace -- $30 million guaranteed!!! -- but they needed to make a splash in the that market. The big questions will be how much will Ryan Tannehill progress in his second year, and how much will not playing with Big Ben affect Wallace? I wouldn't consider Wallace a top-20 fantasy wideout right now. He will still be hit-and-miss from week to week, and the misses may become more frequent with Tannehill.
