The Dolphins could decide to pick up Tannehill's fifth-year option and wait on an extension. The deadline for doing so is May 3. Doing that would cost the Dolphins $15 million for the 2016 season.
Previously, NFL.com reported that the Dolphins were hopeful that they could strike a long-term deal with Tannehill before Week 1 of the 2015 season.
In 2014, Tannehill threw for 4,045 yards with 27 touchdowns and 12 interceptions.
The team is expected to pick up the option if they cannot reach a long-term extension with him. Tannehill had his best season in 2014, throwing for 4,045 yards with 27 touchdowns and 12 interceptions.
If a new deal cannot be struck, the team can still exercise his fifth-year option that will keep Tannehill in Miami through the 2016 season for about $16 million. But the Dolphins are hoping they are not forced to make that a reality.
Tannehill performed well enough in 2014 to motivate the front office to work on a new contract. He set a franchise record for completions with 392 while tossing 27 touchdowns and just 12 interceptions. He racked up 4,045 yards in the process.
If the option is used, Tannehill would earn nearly $16 million in 2016.
"We like the player a lot. Our hope and expectation is he'll be here for a long time," Dolphins vice president of football operations Mike Tannenbaum said. "When a long-term deal gets done, I don't have a timetable right now."
The option must be utilized by May 1.
Dolphins owner Stephen Ross confirmed the team's interest when he said Monday he would like to discuss a long-term contract with Tannehill this offseason, reports the Palm Beach Post.
The Dolphins can save $6.9 million by cutting Wallace in the offseason, but his quarterback has his back.
Despite that, Tannehill isn't sure if Wallace will return.
"I like Mike," he told the Palm Beach Post. "He’s a talented player and we’ll see what happens. It’s tough to lose a guy that works hard day in and day out at practice, but at the end of the day it’s a reminder that it’s a business. It doesn’t matter the kind of player you are or the type of relationship you have, it comes down to numbers."
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