Wallace grew up on the Centre College, Danville, Kentucky campus where his father was associate dean of students, assistant football coach (offensive coordinator and recruiting coordinator) and head baseball coach, and also Grinnell, Iowa, where his father was head football coach and later director of athletics at Grinnell College He played wide receiver at Grinnell High School.
Wallace attended Coe College in Cedar Rapids, Iowa, playing football and earning a bachelor's degree in physical education.
Wallace was a team captain and twice earned all-conference honors as a wide receiver while leading the nation in punt returns in 1997.
[6] Wallace’s name was brought into the case in April 2022 by the attorneys for eight Black former Hawkeye players who are seeking damages for what they allege was a demeaning and retaliatory culture run by head coach Kirk Ferentz and former strength and conditioning coach Chris Doyle.
Seth Wallace was dismissed with prejudice as a defendant from the racial discrimination federal lawsuit, 10 months after he was added.