I think Yao might make it strictly as a player. He was All-NBA five times. Has anybody with that many All-NBA appearances failed to make the Hall? (I left out his eight all-star games, since those are so obviously inflated by fan voting.) If Drazen Petrovic can make it in as a player, so can Yao.
However, when you factor in his contributions to the game, this becomes a no-brainer. I do think, however, that enshrining him as a player is more meaningful than as a "contributor". The HOF is the HOF, I guess, but if I were Yao, I'd want to be remembered for my game, rather than for being a really popular Asian player.