Ulster team-mate, Craig Gilroy, has been suspended by the province until 26 April for a message he sent to the pair at the time, with major sponsors of both the IRFU and Ulster Rugby voicing their concern over the players' conduct.
Jackson and Olding had their contracts revoked by Ulster and the IRFU on Saturday after being cleared of rape last month following a nine-week trial.
Ulster and Ireland rugby player Rob Herring says the club was left in "with a great deal of sadness" at hearing Paddy Jackson and Stuart Olding would be leaving. And he rejected criticism that Jackson and Olding had been effectively hung out to dry by their club and country.
Jackson was also unanimously acquitted of sexual assault.
Move on, we are a Supporters' Club and we support the club not individual players.
So where next for the two Ulster men I think your guess is as good as mine.
The Ulster Rugby Supporters Club is now canvassing opinion amongst its 938 members over whether they will protest against Ulster's decision or not ahead of, or during, Saturday's Pro14 game against Glasgow Warriors at Kingspan Stadium.More news: Ford Fiesta ST to join NZ line-up
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Mr Wallace said a large majority of official supporters clubs have been left "very disappointed" and "sad probably just to see the two players moving on".
"In arriving at this decision, the Irish Rugby Football Union and Ulster Rugby acknowledge our responsibility and commitment to the core values of the game: respect, inclusivity and integrity".
Both players were acquitted of all charges, but it was decided they were to be let go due to their behaviour regardless.
"I think we were all shocked because I don't think what subsequently emerged was in line with what we knew of them or indeed how we expect any of us to behave".
"The second thing we have to do is try and recognise that people have very different points of view and to try to find positive territory, a unified approach to move forward".
Reports at the weekend suggested that the Top 14 side had opened preliminary negotiations with the out-half with a view to signing him for next season.
'The position is joint.