This guy was a total idiot in Pittsburgh, and I found many of the comments last offseason that "we'd be strongly looking at Wallace" to be some of the most amusing comments I've seen on the board in years. The odds of Belichick thinking for one second about paying 12m per year to a WR like Wallace were about as good as him having Wilfork play QB.
Wallace is a fine choice for 1/2 that money at 6m per year. A possible argument could be made for 7-8m like Victor Cruz, but even that's pushing it. Anything over that just points to teams being idiots, and fans playing too much Madden on their playstations.