The list for the class of 2010 will be cut to 15 finalists Jan. 7, and the selection committee will announce the inductees Feb. 6, the day before the Super Bowl.
Modell's candidacy has been a hot-button issue with voters because of his unpopular relocation of the Cleveland Browns to Baltimore in February 1996.
Modell was a finalist for the Hall of Fame in 2001. Since then, he has been a semifinalist in 2004, 2005, 2006, 2007, 2009 and 2010.
The Ravens' majority owner from 1996 to 2004, Modell sold the team to Steve Bisciotti, retaining minority owner status.
Former Ravens tight end Shannon Sharpe, a finalist for the class of 2009, is also among the semifinalists.
Emmitt Smith and Jerry Rice are considered the only locks in the class of 2010.
The other 21 semifinalists: wide receiver Cliff Branch; wide receiver-returner Tim Brown, receiver Cris Carter; coach Don Coryell; running back Roger Craig; running back Terrell Davis; center Dermontti Dawson; defensive end Richard Dent; defensive end-linebacker Chris Doleman; linebacker-defensive end Kevin Greene; guard Russ Grimm; punter Ray Guy; defensive end-linebacker Charles Haley; cornerback Lester Hayes; linebacker Rickey Jackson; defensive tackle Cortez Kennedy; defensive tackle John Randle; receiver Andre Reed; former NFL commissioner Paul Tagliabue; special teams ace Steve Tasker; and cornerback Aeneas Williams.