In my version Barry would be a detective and Wally would be in his later years in high school and Barry would already be married so he would be Wally's uncle. I would have Barry and Wally receive their powers the same night as the result of an accident caused by Eobard Thawne's experiment to give him self super powers. Thawne would start a crime spree with his new powers while after Barry discovers his powers he tries to find a way to stop the villain know now as Professor Zoom. Barry would become the Flash and would tell Wally not to use his powers and just focus on school. In the end Wally would disobey Barry and help him stop Zoom. A few years after the formation of the Justice League (see How I would do it Justice League) Barry would die as one of the first of Earth's heroes to face Darkseid. After Barry's death Wally would become the Flash and want to take Barry's spot on the Justice League but they would turn him down because of his age. Wally would then decide to work with some of Earth's younger heroes as and they would become a team known as the Titans after fighting along side the Justice League to defeat the New Gods. As a result of Darkseid's Omega Effect and Barry's connection to the speed force Barry's powers are transferred to a civilian bystander by the name of Jay Garrick (who I see as being in his forties)who after discovering his power takes the name Mercury (with an updated version of Jay's Flash Costume from regular continuity) and is given Barry's spot on the Justice League.
How I would do it (Flash)
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