YES.
There's a chance Wallace hasn't completely fallen off and maybe he was just misused in Brooklyn, but I can't see him improving enough to ever be worth that contract.
He was absolutely AWFUL last season. He looked absolutely lost offensively and it really looked like his body was run down. They call him Crash for a reason, his style of play is conducive to your body breaking down early.
Cap room, sizable trade exception AND a second rounder. Sign me up.