The Minnesota Vikings announced that they have released Mike Wallace. They also waived Austin Wentworth, a second-year player out of Fresno State.
Update: Chris Thomasson of the St. Paul Pioneer Press reports that the Vikings released Wallace because he would not take a significant pay cut.
Also, Michael Rand of the Minneapolis Star Tribune has a breakdown of what went wrong, and Matt Vensel has an article about salary cap implications of releasing Wallace.
[Minnesota Vikings, Pioneer Press, Star Tribune]