As a senior, he was the Gatorade Basketball Player of the Year for Texas and The Dallas Morning News boys basketball Player of the Year after averaging 19.9 points, 7.4 rebounds and 6.1 assists per game.

[4][5] He was selected to play in the 2022 McDonald's All-American Game and the Jordan Brand Classic.

[6] A five-star recruit, Wallace committed to the University of Kentucky to play college basketball.

[7][8] The Dallas Mavericks selected Wallace with the tenth overall pick in the 2023 NBA draft then traded him, along with Dāvis Bertāns, to the Oklahoma City Thunder in exchange for the 12th overall pick, Dereck Lively II.

[9] Wallace is cousin to 2012 NBA champion Terrel Harris and two-time Super Bowl champion, Super Bowl XXXII Most Valuable Player, and Pro Football Hall of Fame running back Terrell Davis.