Huarte, the 1964 Heisman winner, and Davis, the 1974 Heisman runner-up, were joined for enshrinement on Saturday night by nine other Division I-A players and two coaches.
Jerry Rice headed a group of players and coaches voted into the Divisional Class (Divisions I-AA, II, III and the NAIA).
Huarte guided Notre Dame to a share of the national championship in 1964 when he set 12 school records, including single-season passing yards (2,062) and touchdown passes (16).
Davis was a Heisman runner-up to Ohio State's Archie Griffin and once scored six touchdowns in a single game against Notre Dame.
Among the others inducted into the hall were Alabama linebacker Cornelius Bennett, Oklahoma running back Joe Washington and coaches Pat Dye and Don Nehlen.