Kevin Colbert spoke to the media in Indianpolis Thursday regarding the Steelers cap situation - which was getting better as he was speaking.
The team restructured the contract of Ben Roethlisberger to free up a little more than $8 million in cap space, putting the Steelers right around where they need to be heading into free agency.
The league hasn't officially told teams what the cap will be, so the moves they have made thus far have been to put them in the ballpark.
Of course, to begin tendering their restricted free agents, more restructuring and cuts will be coming, something Colbert acknowledged today.
"We’ve already done some restructurings," Colbert said. "We know we’re going to have to do more. We know we’re going to have to terminate players. We just don’t know what combination or how much restructuring we have left."
Colbert said the team is confident it will be able to keep wide receiver Mike Wallace, who will be a restricted free agent.
The Steelers likely won't put the franchise tag on Wallace, but they will have the first right of refusal on any contract offer he might receive. Given how creative they have already been getting to the cap, it's likely he's right.
Colbert also said he doesn't expect running back Rashard Mendenhall to be placed on season-ending IR or to be released. Colbert expects Mendenhall to contribute in some manner in 2012 despite suffering a torn ACL in the final regular season game.
Colbert was also confident that nose tackle Casey Hampton will fully recover from his torn ACL - his third - and be ready to go at the start of the season.
"You don’t have to worry about speed," Colbert said. "You don’t have to worry about the quick change of direction when you’re talking about the offensive and defensive linemen. The one edge Casey will have on anybody is he’s been through this twice and he knows what to expect and he knows how he’s going to feel at a certain point when he feels he’s healthy."