The 6'0", 180-pound Wallace selected Penn State over Big Ten rivals Michigan State and Indiana, among others.
Kirk Herbstreit, Chris Fowler, and Holly Rowe will lead the broadcast for the Nittany Lions' showdown against Utah.
McGraw will head to Louisville with three years of eligibility remaining.
With bowl season looming, it appears last season's slew of opt-outs was more of an anomaly than a trend.
Veilleux projects to compete for Pitt's starting job, as Kedon Slovis transferred after the season.
Despite trailing by 17 points in regulation, the Lady Lions rallied back into contention, but eventually lost steam in overtime.