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.
Swim Week Miami Beach 2014 [PHOTOS]