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Mike Wallace, Eagles reportedly agree to terms on contract

The Eagles have a new wide receiver.

NFL: Philadelphia Eagles at Baltimore Ravens Evan Habeeb-USA TODAY Sports

Hey, the Philadelphia Eagles did another thing in free agency! The team has agreed to terms with veteran wide receiver Mike Wallace, according to a report from Peter Schrager. The one-year contract is worth $2.5 million with incentives, according to Ian Rapoport. Adam Schefter says the deal is worth up to $4 million.

The Eagles had a need for a veteran pass catcher after trading Torrey Smith to the Carolina Panthers. Wallace, who turns 32 in August, fits in nicely as a direct replacement for the departed Smith. The 4.28 second 40-yard dash runner figures to be a deep threat for Philadelphia.

Wallace entered the NFL as a third-round pick by the Steelers in 2009. He remained in Pittsburgh through 2012 before signing a big money deal with the Dolphins in free agency. He was then traded to the Minnesota Vikings in 2015 before signing with the Baltimore Ravens as a free agent in 2016.

Wallace is coming off a season where he had 52 receptions for 748 yards and four touchdowns. Baltimore’s offseason was pretty terrible, so his surrounding environment certainly didn’t benefit him. Wallace was actually the Ravens’ leading receiver.

For his career, Wallace averages 3.8 receptions per game for 56.8 yards per game. His career average of 15.0 yards per reception reflects his ability to stretch the field vertically.

Signing Wallace boosts the Eagles’ wide receiver depth. It arguably gives the Birds an upgrade on Smith who was set to make twice as much as Wallace is earning this season.

One downside to signing Wallace is that it counts against the Eagles’ compensatory pick formula since he’s a free agent and wasn’t released by Baltimore. This potentially wipes out a 2019 sixth-round comp pick, which isn’t the end of the world.

This news also confirms the Eagles aren’t just going to hand second-year receiver Mack Hollins a starting job in 2018. It also means Jeremy Maclin isn’t likely to end up back in Philly, despite his reported interest in returning to the Eagles.

Stay tuned to BGN for more coverage on the Wallace signing.

UPDATE: Confirmation from the Eagles.

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