A 1992 graduate of Greece Athena High School in Rochester, New York, Wallace led Syracuse University to the NCAA championship game against the Kentucky Wildcats during his senior season in 1996.

[3] The postseason ban prevented Syracuse from competing in the NCAA Tournament, but the team finished with a 20–9 record and advanced to the Big East Championship, losing to Seton Hall 103–70 in Madison Square Garden.

In spite of a 30-point performance from junior shooting guard Lawrence Moten, Syracuse was bounced from the tournament in the first round by Seton Hall, losing 81–80 in overtime.

The Orange forced overtime with the Bulldogs thanks to a 3/4-court baseball pass from Wallace to junior guard Jason Cipolla who made a baseline 15-footer as time expired in regulation.

With 7.1 seconds remaining, Georgia's Pertha Robinson made a 3-pointer from the left corner to put the Bulldogs ahead 81–80, setting up a dramatic finish that would live on in NCAA Tournament lore.

Rather than call a timeout to set up a final play, sophomore forward Todd Burgan inbounded to Wallace who took three dribbles to the top of the key and connected on a 3-point leaner over two Georgia defenders.

In the National Semifinal against Mississippi State, a roster that included future NBA players Eric Dampier and Dontae Jones, Wallace led all scorers with 21 in a 77–69 Syracuse win.

In the Final, Syracuse faced off against a Rick Pitino-coached Kentucky team that was ranked either first or second throughout the season, and boasted a roster that would produce five NBA first-round picks in Antoine Walker, Walter McCarty, Ron Mercer, Tony Delk and Derek Anderson.

Despite the loss, Wallace's legacy was sealed as an all-time Syracuse great, finishing his career as the program's third leading scorer behind only Derrick Coleman and Lawrence Moten.

According to its official description, "Power Forward w/ John Wallace" features far-ranging conversations "with former teammates, titans of industry, and fascinating guests from all walks of life."

The live streams are broadcast on SportsCastr, a digital media platform founded in part by NBA Commissioner Emeritus David Stern; NBA TV's Steve Smith; Syracuse University head basketball coach Jim Boeheim; Donald Schupak, the architect of "the Greatest Deal in Sports History"; and Kevin April and Peter Azuolas.

Beyond working as a professional broadcaster, Wallace is an executive board member of the Heavenly Productions Foundation,[1] a 501(c)-3 not for profit organization whose mission is to help children in need and in distress.