The OP is accurate but, is telling less than half the story. Wallace, Ellerbe, and Wheeler all played last year for a "$1 Million" salary each. That is less than our punter is costing for the 2013 salaries of all three. Of course their cost is gonna go up but, why look at one without the other? It makes no sense.
Ellerbe is 28, and got a 5 year $35M deal to replace Dansy who is 32, and had a 5 year $43M deal, and would have cost just under $9M last year.
Wheeler is 29, and got a 5 year $26M deal to replace Burnett who is 31, and had a 4 year $20M deal. Also, Wheeler's salary drops to $2.9M next year.
We got younger and cheaper on the two LB moves, and they made sense at the time. Granted that they did not work out well last year but, that does not mean they they will not this year and for the future.
In any case, you need to look at the overall contracts and not just one year.