Appalled at the outcome - protest at the Glasgow game.
In statements following their departures, both Jackson and Olding said they were "disappointed" and had "deep regret" over the decision. Boycott Glasgow game. Won't see you on Saturday.
"It is probably best on both counts that [Jackson and Olding] go elsewhere to ply their trade, and I don't think they will be short of offers either", he told RTÉ's Today with Seán O'Rourke show.
Mr Wallace said Ulster Rugby now has an opportunity to rebuild itself as a brand and for the players to move on.More news: Microsoft Rolls Out Spring Creators Update For Windows 10
"That is why they are moving on, they didn't meet the code of conduct Irish and Ulster players are held to".
Although Jackson and Olding were cleared of criminal charges, they have faced criticism over the content of explicit WhatsApp conversations that emerged during the trial between the players and their friends.
"I think that is because they are fans of the game and they probably feel these guys have been acquitted and are being judged on their text messages, which were obviously completely out of order", he said.
Paddy Jackson (left) and Stuart Olding.More news: Nokia X is gunning for the iPhone X crown
Move on, we are a Supporters' Club and we support the club not individual players.
A former Ulster and Irish worldwide has called on rugby authorities to explain why they sacked Paddy Jackson and Stuart Olding.
"No sponsor including Bank of Ireland drove the decision", he claimed.
'But at the end of the day, having looked at all those things, the decision was based on alignment with what it is we stand for, in particular, the value of respect.
Asked about their chances of appearing for Ireland, he said: "The position is joint".More news: Dark Souls: Remastered Switch Edition Officially Delayed
Jackson said he was "deeply disappointed" anout the outcome of the review, but he accepted that his behaviour had "fallen far short of the values expected of me as an worldwide player, a role model for the game of rugby and as a son and a brother".