Wallace, a ten year league veteran, signed with the Saints in April for just this season. He was slotted to make just $840,000 while competing for the backup job to Drew Brees.
Prior to his short stint with New Orleans, Wallace spent a couple years with the Cleveland Browns where he challenged for starting time prior to the team’s selection of Brandon Weeden in 2012.
Wallace also spent seven years as a member of the Seattle Seahawks organization, primarily as the backup for Matt Hasselbeck.
Wallace has started just 21 games in his career.