Penrith Panthers
Wallace made his NRL debut at Canberra Stadium against the Canberra Raiders in Round 17 of the 2005 season. In Round 3, 2007, against the Brisbane Broncos, Wallace kicked a 44-metre field goal in golden point, with Penrith winning 29–28.
Wallace was the subject of controversy when he was dropped to NSWRL Premier League in Round 15 of the NRL competition in 2007. Penrith coach Matthew Elliott moved Wallace to the premier league on what he claimed to be poor form. However Wallace had earned a man of the match award only two weeks before, but had a poor game the week later. The controversy came when claims were made that Wallace was dropped due to the fact that he had signed with the Broncos, but team-mate Joel Clinton, who was also Broncos bound, wasn't dropped. There were rumours from the media, that Wallace wanted out of the Penrith Panthers to go to Brisbane mid-season. Wallace denied these claims, and wanted to fulfill his contract with the Panthers, even if it was in premier league.
It remains unclear how the move to the Broncos came about.
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