Bills free agency: Don't count Levi Wallace out yet

The cornerback still could come to terms with the team despite not being offered a tender.

After restructuring some contracts and enticing some high-priced veterans to stay put with below-market contracts, it's not hard to understand the Buffalo Bills' thinking when it comes to starting cornerback Levi Wallace.

Though his contract is expiring too, he is classified as a restricted free agent. This means all the Bills have to do to lock him in for at least another year would be to offer him a contract tender of at least $2.13 million, which would give them the right of first refusal if another team surpasses that.

But according to ESPN's Field Yates, the Bills won't be tendering him, which will allow him to become an unrestricted free agent.

The Bills will not be tendering RFA CB Levi Wallace, but a return to Buffalo has not been ruled out, per source.

The 25-year old Wallace started 12 games last season with 48 tackles and 2 INT. Good young corner.

— Field Yates (@FieldYates) March 15, 2021

In the meantime, the sides remain in negotiations on a new contract that presumably would feature a lower hit on the Bills' 2021 salary cap than a tender would have.

For general manager Brandon Beane, it's a prudent strategy in a year when every dollar counts due to the coronavirus pandemic reducing the NFL's cap to $182.5 million. Beane is hoping Wallace will follow the lead of players like Matt Milano, Daryl Williams and Jon Feliciano and instruct his agent to work something out with the Bills even if it means he may be able to make more money by hitting the open market.

Wallace certainly is worth a cap-friendly new contract after coming through with a solid 2020 season in which he produced two interceptions, 48 tackles in 12 games, all starts.

Though Wallace was splitting time with Josh Norman by the end of last season, both have expiring contracts. Norman, 33, also is eight years older than Wallace, signed by the Bills as an undrafted free agent out of Alabama in 2018.

Just like at Alabama, where Wallace had to earn a scholarship after two seasons as a walk-on player, he has done the same at this level, getting himself in a position for a second contract after starting 35 games over his first three seasons.

Wallace earned just under $700,000 last season.

Nick Fierro is the publisher of Bills Central. Check out the latest Bills news at www.si.com/nfl/bills and follow Fierro on Twitter at @NickFierro.