The move will continue a yearly tradition of showcasing the newest class.
"Having the newest class of Hall of Famers attend our events each year enhances the fan experience," Fiesta Bowl President John Junker said in a statement. "Highlighting the accomplishments of these living legends adds to our year-end celebration of college football and its rich history and pageantry."
The Hall of Famers will participate in many of the pregame festivities while being introduced on the field in front of the fans and a national television audience when Oklahoma faces West Virginia.
Among those expected to attend are former Boston College quarterback Doug Flutie and Oregon wide receiver Ahmad Rashad.
Penn State Coach Joe Paterno reportedly would attempt to attend but because of his team's appearance in the Alamo Bowl Dec. 28 against Texas A&M, his attendance was unclear.