Wallace, heading into his fourth season with the Steelers, was expected to sign a one-year, free agent agreement that will pay him $2.7 million. He had been holding out for a long-term contract.
Wallace led Pittsburgh with 72 receptions for 1,193 yards and eight tournaments last year. In three years since the Steelers made him a three-round draft choice, Wallace has 171 catches for 3,206 yard and 24 touchdowns.
2014: The Year in Music [PHOTOS]