In his post-match media conference, Wallace said he had no problem with his side's competitiveness, but he conceded turnovers cost the Tigers.
"Thirteen goals to six from turnovers – that's a massive difference between the two sides," he said.
"We've still got a way to go and we know that and understand that, but also if you have a look at other sides – good sides in the competition – they've beaten Adelaide in Adelaide by 68 points and the Bulldogs two weeks ago down at Geelong by 61 points. They're a very good side.
"We're not to where they are, but I think we're around the same mark as where they've beaten other sides by.
"I would think the Geelong footy club is getting more competitive games against Richmond now than in the past. I still think that says we're going in the right direction, but clearly we've still got some things to clean up if you want to be the best."
So does Wallace think Geelong is unbeatable come September?
"Oh well, they're a great side, but we've got Hawthorn in a couple of weeks, so ask me the question in a couple of weeks and I'll probably have a better answer for you," he said.
Meanwhile, Wallace said in relation to Richmond's finals prospects that "you do your head in" trying to work out the permutations that would see the Tigers make the top eight.
"That's why people love this time of the year, because it's exciting. And it's great to be part of an exciting game over in Adelaide next week for our supporters and obviously the Crows supporters – that's what footy's about..
"We're very pleased to be still alive and in that position and compete."
