If I was Ryan Grigson, I'd be on the phone right now offering a 3rd or 4th round pick for this guy. Reunite him with Bruce Arians and have Andrew Luck throw him the ball. He'd complete the offense for Indianapolis, then they could spent next year's draft strictly on defensive players, possibly just needing to use their 1st on a better RB than Donald Brown (lest Brown finally live up to his selection as a first rounder this year, doubtful).
Colts were allegedly high on burning a 3rd or 4th on Josh Gordon in the supplemental draft. Mike Wallace actually has NFL experience and doesn't bring the headcase baggage that Gordon would.