He committed to Oklahoma State University, along with his twin brother Tracin, to play college football.
[12] Wallace was used mostly on special teams during the 2021 season, although he did have one start that year, recording a catch for 18 yards in a 21–41 Week 16 loss to the Cincinnati Bengals.
On December 10, 2023, subbing for an injured Devin Duvernay, he ran a punt back 76 yards for the game-winning touchdown in overtime to beat the Los Angeles Rams 37–31.
[18] Wallace, who had never returned a punt prior to the game, was named the AFC Special Teams Player of the Week for the game-winning play.
Wallace finished the game with 3 receptions for a career high 115 yards and a touchdown as the Ravens won 35-34.