Two years of investigations culminated in the program losing one scholarship for both the 1993–94 and 1994–95 academic years, and a postseason ban for the 1992–93 season, As a high school senior, Wallace was named to the 1992 McDonald's All-American Team, alongside notable future NBA and college players Jason Kidd, Tony Delk, and Corliss Williamson.
While Boeheim was recruiting Wallace, Syracuse's basketball program was being investigated by the NCAA.