...Mike Wallace?!?"
It's true-- six years after they passed him over for Bud Collyer on TTTT, Goodson-Todman were negotiating to bring him to the helm of another show. In spring of 1962, when "Password" was announced as moving to the 6:30 PM Sunday slot for the next fall season, there was a concern in the CBS executive suites at the idea of the same host turning up on shows that were only 30 minutes apart on the schedule. And since Ludden was hosting the ever-popular "College Bowl" at 5:30, the press releases at the time indicated that when the show moved, he would not be moving with it.
Now it may be sheer serendipity, but there were at least two items published in the major papers in late April of that year that indicated that Wallace was to be tapped for the job. For his part, Wallace would neither confirm or deny those stories at that time, but it was then that he announced he would be leaving "PM East", with no confirmed project to follow.
Ultimately, of course (and perhaps in response to the fact that his negotiating position was rapidly evaporating) , Ludden decided that getting paid for 6 shows a week made better sense than trying to feed his family on the paycheck for "College Bowl", no matter how much prestige that role carried. As one columnist put it: "He obviously likes to work."
As for Wallace, well-- he found other work, but it's no wonder he tends to speak ruefully about his game show career-- the poor guy got the shaft **twice** from Goodson-Todman!
-Kevin
Wallace might have been an interesting choice-- but although he's very erudite, I think he might have come off as a bit dry for "Password". Of the G-T stable at that time, I think I'd have tried Robert Q. Lewis.