First of all, besides Blackmon, there really isn't a receiver worth taking in the 1st round of the draft. Yes, teams probably have already become enamored with Stephen Hill's performance at the combine, some1 will bite and select him with their #1 draft choice. Actually, I hope a lot of teams make a dumb choice by selecting WR's in the first round in April. Bottom line is this, based off what most experts have said, WR is the hardest transition from College to the NFL to adapt to.
Second, I try and do everything within reason to resign Mike Wallace. Let me say again, within reason. Trust me on this one, the Steelers will never get into a bidding War with any other team just to resign him. From what I've read thus far, it looks as though the price to keep him will be arounf $6-7M for 5yrs. If Wallace and his agent think they are going to break the bank, see ya! He isn't going to get $9-10M a yr to stay their Pittsburgh.
Yes, Wallace speed was definitely a contributing factor to Brown getting open underneath because Wallace drew double coverage majority of the time. But Brown and Sanders both run better routes, more disciplined, and both have better hands than Mike Wallace. And lets not forget, what is going to happen next yr when Brown and Sanders becomes RFA'S? The WR Corps isn't all that deep in this years draft.
Here's my perception; I think the Steelers are sitting back and hoping that a team bites on Wallace; they will then take that additional 1st round pick and address the DL/OL or ILB/OL or DL/ILB. Take a Guard in the 2nd if they go with DL/ILB in the 1st; address the WR position either through FA and select a WR in the 3rd or 4th round. Of course none of us are experts, we're just loyal Steeler Fans.