Moon, 28, is 6-foot-2 and appeared in 10 games last season with the Clippers, averaging 5.8 points on 49 percent shooting.
He signed three 10-day deals with LA last season, followed by a two-way in July. The Clippers then waived Moon in October and he has since been with the Ontario Clippers of the G League.
With Ontario, he’s averaging 21.6 points and shooting 43 percent on 3-pointers in 20 games.
Wallace, 24, is a 6-4 rookie who has yet to appear in an NBA game. He’s averaging 14.7 points, 3.8 rebounds and 3.6 assists in 21 games with Ontario. Wallace just signed a two-way contract with the Clippers last week.
This is the second player they’ve waived from a two-way deal after signing them, doing the same with shooting guard Nate Darling last month. The purpose of these moves would be to give their G League players a bump in pay.