The Ulster Rugby Supporters Club is now canvassing opinion amongst its 938 members over whether they will protest against Ulster's decision or not ahead of, or during, Saturday's Pro14 game against Glasgow Warriors at Kingspan Stadium.
"This was a decision taken because the two guys in their own words admit that their behaviours fell short of what they knew were expected", he said.
The IRFU and Ulster Rugby confirmed the sackings of Jackson and Olding on Saturday, following a review that had focused on a series of sexually explicit WhatsApp messages involving the players and their friends about the sexual encounter at the centre of the rape trial.
Move on, we are a Supporters' Club and we support the club not individual players.
"It has been agreed, as part of this commitment, to conduct an in-depth review of existing structures and educational programmes, within the game in Ireland, to ensure the importance of these core values is clearly understood, supported and practised at every level of the game".
Paddy Jackson (left) and Stuart Olding.
"No sponsor including Bank of Ireland drove the decision", he said.
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"I don't think it's appropriate, I think there's enough of a media frenzy rather than me adding anything to it". Quite a vague statement has come out and, just gauging the temperature of the Supporters Clubs, they feel they need a bit more information as to how they came to that decision.
So where next for the two Ulster men I think your guess is as good as mine.
"The vast majority of official Supporters Club members are very disappointed", Wallace continued.
"I think the players and the staff and wider rugby has done well to do as well as they have done in very hard circumstances".
"I think that is the core issue here and that is why they are moving on".
Ulster team-mate, Craig Gilroy, has been suspended by the province until 26 April for a message he sent to the pair at the time, with major sponsors of both the IRFU and Ulster Rugby voicing their concern over the players' conduct.
"I hope that they will learn from that and I hope they fulfil their potential going forward", he said.
Mr Wallace said Mr Jackson and Mr Olding "will be able to start again and rebuild their careers" and could come back to Ulster's Kingspan stadium "in another jersey on some European night".
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