Wallace was a multi-sport athlete at Callaway High School in Jackson, Mississippi, lettering three years each in football, basketball, baseball, and track.
After starting for three seasons as a defensive back at MSU under Bob Tyler, Wallace earned his Bachelor of Science degree in Physical Education in 1976 and stayed the following year to serve the Bulldogs as a graduate assistant coach.
Wallace's UNA teams also won three consecutive Gulf South Conference championships (1993–1995), qualified for the Division II playoffs six times, and sent 12 players to the National Football League (NFL).
In 1995, Lions linebacker Ronald McKinnon became the first and, as of 2016, only defensive player to win the Division II Harlon Hill Trophy.
The Owls were winless during his final season in 2005, and played as an NCAA Division I-A independent after losing their Big East affiliation.
[5][6] On January 2, 2012, the University of North Alabama announced that Wallace would return as the Lions' ninth head football coach following the departure of Terry Bowden.
On October 3, Wallace became the winningest head coach in program history notching his 110th win with a 34–12 victory over Valdosta State.
[8] The Lions went on to play for the NCAA Division 2 National Championship where they were defeated by Northwest Missouri State[9] Wallace retired following the 2016 season finishing his career with a 126–51–1 record at UNA and 171–152–1 overall.