Not any more. He's done very little this year to earn it. Actually, over the last year and a half. On top of that, if we sign him to a nice sized contract, then we're going to lose some other players this year or next year. Who are you willing to lose? Ike Taylor? Troy P.? Ben R.? Willie Colon? Timmons? Woodley? Harrison?
Those are the names with cap hits that would have to be cleared for a big contract to Wallace, and I'm sorry, but Wallace means less to this team than every one of those players listed above. Even Harrison.
And that's not to mention the cap-hell we already find ourselves in, let alone having to sign him, and a number of other players back this year.
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Some of it. I believe signing bonuses stay with the original team, and actually get tacked on to the cap number that year, or split between that year and the next, I don't remember right now.