Mike Wallace The Miami Dolphins have officially signed wide receiver Mike Wallace to a five-year contract worth $60 million dollars. The deal includes $30 million in guarantees.

The deal also gives the Miami Dolphins one of the top receivers in the NFL today. Wallace has great hands and deadly speed. 

The Dolphins announced the deal on their official Twitter feed saying, "The ink is dry and it's official. Please welcome @Wallace17_daKid to the Miami Dolphins!"

Wallace was drafted in the 3rd round by the Steelers with the 84th overall pick. He played his college ball at Ole Miss where he left with 101 receptions for 1,910 yards, 18.9 avg., and 15 touchdowns. He also had 56 kick returns for 1344 yards, 24.0 avg., and 2 touchdowns.

Wallace's numbers in Pittsburgh were similar notching 235 receptions for 4,042 yards, 17.2 avg., and 32 touchdowns. He leaves as one of Pittsburgh's most heralded receivers and the loss won't be an easy one to replace for the Steelers.

Adding to their free-agent binge, the Dolphins also have reached an agreement with Baltimore Ravens free-agent linebacker Dannell Ellerbe. The deal is said to be worth $35 million over five years. Ellerbe departs Baltimore with 132 tackles, 5.5 sacks, and 1 interception.

In order to make room for Ellerbe and Wallace the Dolphins released linebacker Karlos Dansby, who departs Miami with 332 tackles, 6 sacks, 1 interception and 5 forced fumbles over the past three seasons. Dansby's release may not be a very popular one amongst their fans, but the Dolphins see youth as a better weapon than a player who's proven to be consistent.