Wallace ranked 25th among dual-threat quarterbacks nationally and 28th overall from the state of Alabama according to Rivals.com. He was rated the 69th-best quarterback in the country and 29th-best prospect from the state of Alabama by Scout.com, rated 16th at the dual-threat quarterback position and 24th overall from the state of Alabama by 247Sports.com.

He was ranked 63rd-best quarterback nationally and 35th overall from the state of Alabama by ESPN.com and No. 20 on the Birmingham News' 2012 Super Seniors Best of the Rest.

Wallace passed for 1,761 yards and 12 touchdowns and ran for 891 yards another 28 touchdowns as a senior, leading Central to a 12-2 season and the semifinals of the 6A AHSAA playoffs.

He was named the Ledger-Enquirer All-Bi-City Co-Offensive Player of the Year as a senior and played in the 2011 Alabama-Mississippi All-Star Football Game following his senior season.