The group, which was announced on Monday, also includes women's basketball standout Ruthie Bolton, Ole Miss and NFL standout Doug Cunningham, award-winning broadcaster Robin Roberts, track star Calvin Smith and former Mississippi State basketball coach Richard Williams.
McAllister played at Ole Miss before becoming the New Orleans Saints' all-time leading rusher with 6,096 yards and 49 touchdowns. McNair, who died in 2009, played at Alcorn State before a 13-year NFL career with the Tennessee Titans. He threw for more than 30,000 career yards and was the NFL's MVP in 2003.
Bolton won two gold medals at the 1996 and 2000 Olympics with the U.S. women's national team. Williams led Mississippi State to its only Final Four appearance in 1996.
Roberts was originally selected for the 2013 class, but was unable to attend because of health issues.
"In my mind, this is as accomplished and as diverse a group of Hall of Famers as I have ever seen," Mississippi Sports Hall of Fame director Rick Cleveland said in a statement. "My congratulations to them and to the statewide selection committee who chose them. I think it's important to note that all seven are from small-town Mississippi. They should serve as inspiration to youngsters — boys and girls no matter their background — across the Magnolia State."
The class will be officially inducted in July during a banquet at the Jackson Hilton.