"We'll have to move quickly to a massive game against Glasgow this weekend".
Clermont had been rumoured to be favourites to sign the former Ireland and Ulster fly half, but their sports director Franck Azema put an end to the speculation.
"It is probably best on both counts that [Jackson and Olding] go elsewhere to ply their trade, and I don't think they will be short of offers either", he told RTÉ's Today with Seán O'Rourke show.
Before Ulster's Pro14 meeting with the Ospreys last Friday a number of fans protested, calling for action to be taken against the duo, and O'Driscoll believes the situation may have escalated had the IRFU taken an alternative stance.
"They have done a lot for Ulster and Irish rugby", he said.
However, there was a public backlash over a series of sexually explicit WhatsApp messages involving the players and friends that emerged during the case.
Yesterday, Head of Ulster Rugby Shane Logan dismissed the idea that money was behind the decision to revoke the contracts of Jackson and Olding.
The remaining 12% said they didn't know if the IRFU was correct with its decision.
Jackson was also unanimously acquitted of sexual assault. And he rejected criticism that Jackson and Olding had been effectively hung out to dry by their club and country.
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.
"No sponsor including Bank of Ireland drove the decision", he claimed.
Move on, we are a Supporters' Club and we support the club not individual players.
Mr Wallace said Mr Jackson and Mr Olding "will be able to start again and rebuild their careers" and could come back to Ulster's Kingspan stadium "in another jersey on some European night".
Logan was speaking for the first time since the decision was made to revoke the players' contracts and he says he does not expect them to return to play for the province in the future.