If you're keeping Wallace at that $8M and then signing someone at a similar hit, then you damn well better be drafting someone at CB/OLB very high because its going to be tough to take a cap hit of $18M-20M at receiver and expect to keep Wagner or Williams while attempting to make improvements elsewhere. I can't see how the team can actually trust Pierce, Judon, Powers, or even Waller for that matter but not think Perriman is capable of taking the reigns. You won't plug in all these spots via FA if you expect to sign some quality players.
Now as to my argument on Wallace, I'm not saying that he's not a good player, now if the Ravens are going away from the WCO, then I wouldn't have much of a problem with keeping Wallace. If you look at what Anquan Boldin did for us, many people would say "Oh, it's just Anquan going off in the post season again". But looking closely, Caldwell played towards the strengths of the WCO and to a point Boldin's. Because of the demand of the slant/crossing patterns and having someone who can do that for you, it completely opened the offense up. You just saw more slant/crossing patterns from Boldin and he was able to eat up the tight man and press coverage with ease while winning the inside/outside with no issues. You also saw a revived deep passing game. This is what the Ravens need in a receiver if they expect to move the chains, succeed in the Redzone and open up this offense. In order to get the deep passing game going, they're going to have to open up on those short/intermediate patterns.
As far as Wallace numbers go, we saw a majority of his production come in through the 1st nine weeks, after that you could see that as CBs began playing closer and going to a zone coverage and playing some tight man zone, his production decreased largely. It sounds like I'm trying to take credit away from him, but what the Ravens got in Wallace as far as strengths go, multiplied in terms of weaknesses. You had a guy who can go deep and be a big play option for you in YAC, but if you wanted to open up the deep passing game, then you needed someone else to attack the short/intermediate game.
I absolutely love to keep him at a lower cap number, moving on from him at $8M is not a foolish idea, not even Zrebeic thinks that's the case. You want to sign Britt and Wallace then fine, but you damn well better have no problem at CB/OLB because there's no excuses with either of those position. Also, under the assumption that we get both, I highly doubt Wallace will remain on the team long after when you really begin to feel the cap hit of a Kenny Britt or a Pierre Garcon.
As far as what Perriman failed to do early on, I do have to agree that it was concerning and left a little doubt for me, but if Joe finds him or delivers a more accurate pass on the top of his routes, are we talking about him not being an option as a #2? What honestly makes me prefer Perriman at #2 is what we have at other positions. I think what he did in the 2nd half of the year is a bright-spot to his development. He dealt with a lot of problems, we both agree on that, and the assumption is that they don't follow him. While he'll be unproven, it's better than what you have elsewhere.
You cut Doom and you have Suggs, Judon and Za'Darius behind him. You move on from BW and you got Pierce as your de-facto starter. You cut Wright(Obviously) and you got Jimmy and Young(Who might only be a slot CB), then you add in cutting Zuttah and you got Jensen behind him. If I had to make the choice, then rather than spending money on a big WR who fits this offense, move on from Wallace and rely on Perriman, after that I would make a push at CB/OLB and even C via trade and then using the cap from cutting Wallace to getting someone better, and who is to say you can't draft a guy within the 1st three rounds there if you plug in CB/OLB? We went into the 2015 draft with Steve Smith and Aiken as our starters, I don't see it being the end of the world if we drafted someone behind Britt and Perriman because what this team needs is not another young pass rusher, it's someone who can rush the passer now.
If the team wants to pay another reciever and keep Wallace at that $8M cap number, than fine, but as I said there better be some serious attention towards OLB/CB/C come draft day.