With no playing time in sight, Wallace transferred to East Mississippi Community College, where he led the team to a national title in 2011.
Then Freeze took the head coaching job at Ole Miss and recruited Wallace again. This time, he won the starting job and has flourished.
Ole Miss co-offensive coordinator Dan Werner said Wallace has improved as the season progressed and learned how to minimize mistakes.
"Because he takes chances, he's going to get big plays," Werner said. "My thing has always been, just be smart with it. If it's a situation where it's time to take a shot, that's fine. But if it's 3rd and 3 or a goal line situation, you don't do that. He's learning. He knows."
With two years of eligibility remaining, Wallace could become just the second two-time Conerly Award winner. The other is another Ole Miss quarterback: Eli Manning.
"I think next year we have an opportunity to have a special season," Wallace said. "I'm just glad to be a part of this and hopefully we have a good enough season (in 2013) that I'm invited back."
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