He served as the head football coach at Rutgers University from 1924 to 1926.

In his first season, the team went 7–1–1 and Wallace was signed to a three-year contract.

But over the next two years the team's fortunes sagged, and in February, 1927, the Rutgers University Athletic Board replaced Wallace.

In March 1928, Wallace hired a former Bergen County prosecutor to pursue a legal claim that the university had violated the terms of the three-year contract.

He became an assistant coach at Rutgers under George Sanford in 1923.