He played college football for the Iowa State Cyclones and was selected by the Seattle Seahawks in the fourth round of the 2003 NFL draft.

Wallace was also a member of the Cleveland Browns, New Orleans Saints, San Francisco 49ers, and Green Bay Packers.

Wallace attended Sacramento City College in order to stay close to home at his mother's request.

Wallace made his mark in the 2005 NFL Playoffs when he caught an acrobatic 28-yard pass from Matt Hasselbeck in the NFC Championship game against former Seahawks cornerback Ken Lucas of the Carolina Panthers.

In 2008, Wallace started two pre-season games at quarterback and had good statistics against the Minnesota Vikings and Oakland Raiders.

After injuries to wide receivers that hurt the Seattle Seahawks, Wallace was moved to that position but strained a calf in his first game.

Because of another injury to Hasselbeck, Wallace started in week 14 against the New England Patriots, where he threw 20 completions in 28 attempts for 212 yards and three touchdowns.

In his limited action, Wallace ended the 2008 NFL season as the league leader in Passing Touchdown to Interception Ratio, with 3.67.

He made his regular-season debut September 12, 2010, after starting quarterback Jake Delhomme injured his ankle during a week 1 loss to the Tampa Bay Buccaneers.

[13] He later said that (contrary to some news reports) he was not retiring, but had decided to leave the 49ers because he felt they were not giving him a chance to make the team, and had signed him only to pressure their principal backup quarterback, Colt McCoy, to accept a pay cut.

[15] He first played for the Packers on November 4, 2013, after an injury to the left shoulder of Aaron Rodgers in the first quarter of the Monday night game against the Chicago Bears.