Former Northern Ireland winger Stuart Dallas, who won 62 caps for his country, was inducted into the Hall of Fame on Sunday alongside Davis.
He believes that O'Neill is "building something special" with the current crop of players ahead of the World Cup qualifying campaign starting in September, where NI will face Germany, Slovakia and Luxembourg.
"This is a completely new team, Michael has come back in for a second spell and he's lost a lot of experience," he said.
"What they're doing now, they're an exciting team you come to Windsor Park, and you enjoy watching Northern Ireland, I think the more games they play the more experience they'll get."
While Dallas, who was forced to retire in April 2024 because of a serious knee injury, is excited about the young squad, he thinks expectations should be tempered as many players navigate their first World Cup qualifying experience.
"I think the team is in good hands, it is a young exciting team who have the potential to fulfil something really special, but you can't put too much pressure on them."