He won the Southwest Conference championship in the 222-yard low hurdles and lost the event at the nationals to Jesse Owens and Glenn Hardin.

In February 1933, he was suspended along with seven other Rice football players on charges of violating school rules in connection with midyear examinations.

[3] He was selected as a first-team halfback by the Associated Press and Grantland Rice for Collier's Weekly on the 1934 All-America college football team.

He thumbed his nose at opposing players from George Washington, leading one Texas columnist to question whether success had made Wallace "chesty".

Wallace left Rice in April 1936 to accept a job with an oil company in Shreveport, Louisiana.