His reasoning is very simple... Wallace wants to play.
"I grew up a Pack fan," he said. "My dad played baseball here from 1984-87 and coached here for three years after. I picked NC State out of Brewster Academy because Wolfpack Nation is always in my heart, and I bleed Wolfpack Red.
"My two years were great. I enjoyed going to the NCAA Tournament and playing with guys like T.J. Warren and Kyle Washington. It was great. I just really want to play. That really went into my decision... I want to play."
A recruited walk-on out of Brewster (NH) Academy, Wallace played in 11 games over his two years, averaging 1.6 points per game. It was a big adjustment for him, going from contributing in games to only doing so in practice.
"The walk-on role is a lot different than people think it is," he said. "I came in hoping that I'd get in the rotation. That's what I wanted to try to do and that didn't happen, but I tried to look at it as a positive for myself to become a better teammate and player.
"I'm thankful for the opportunity coach Gottfried gave me, and the chance to represent NC State. It was a privilege to play here. I respect coach Gottfried and the whole staff... it's just about playing time."
Wallace, a 6-foot-1, 185-pound combo guard, has yet to focus on certain schools.
"I'm trying to get a Division I scholarship, and I'm confident I can," he stated. "I'm looking for the best fit, and it wasn't going to work out that I was going to play here. We love to shoot the three, and I had guys like Ralston Turner, Trevor Lacey, and Cat Barber ahead of me.
"I want to go to a school where they play fast and shoot the three. Obviously, I'm going to be looking for a place that fits my skillset."
Wallace added that he believes coach Gottfried felt like he would be looking to receive his release... a release that has just one stipulation.
"I can go anywhere except in the ACC," said Wallace. "We had already talked about it a little bit, and coach Gottfried knew I wanted to play. When he recruited me he told me I'd have a chance to compete and play, and I worked toward that goal... I tried to do that. Sometimes it doesn't work out the way you want, and I tried to learn from it and get better. I'm hoping I can use the experiences I've had at NC state to help another team reach the tournament."
What is the hardest part of transferring for Wallace?
"It will be hard to leave the guys," he said. "They have a bright future here at State, and I feel like they are going to be really good next year."
Wallace grew up in Charlotte and left the state briefly to attend Brewster Academy for a year before attending NC State. Don't expect location to be a major factor when the time comes to make his final decision.
"Going to Brewster was great for me," he said. "I want to coach in college basketball so it was great for me to network, and Jason Smith does a great job at Brewster.
"Location doesn't matter ot me, as long as I'm bouncing a ball and playing that's fine for me. As long as it's the great fit athletically and academically."
The quick release was because Wallace wants to fully evaluate all his options.
"I'm not going to wait until July or August like some guys do," he said. "I just want to get my name out there as early as possible to have as much availability as possible. I'm still in the gym everyday... working on my craft and getting ready for my next opportunity."
It wasn't an easy decision for Wallace because of his ties to the school and his relationships with the players.
"It was a great experience, whether I played or not," he said. "I love NC State, and I love it as a school. Both of my parents went here. There is a certain pride you have when you play here. Just to be able to put NC State across my chest was a privilege.
"I'm thankful Coach Gottfried gave me the chance to play at NC State... very thankful for that."