Defensive end Carl Eller of the Minnesota Vikings and offensive tackle Bob Brown also were inducted as part of the Hall's Class of 2004.
In 16 seasons, all with the Denver Broncos, Elway helped his team to five Super Bowls. He won his last two after the 1997 and 1998 seasons, and was voted the game's MVP in Super Bowl XXXIII. Elway also won the NFL's Most Valuable Player award in 1987.
Elway, playing for Denver, finished his career second all-time in passing yards (51,475), attempts (7,250) and completions (4,123).
Sanders played his 10 NFL seasons with the Detroit Lions and retired as the league's second all-time leading rusher. He is third on the list behind Emmitt Smith and Walter Payton with 15,269 yards.