Mitchell leads FCS in yards passing per game at 364.5, and his 33 touchdown passes are tops in the nation. Bell is the leading rusher in FCS with 151.8 yards per game, 20 more than the next best average.
The third finalist for the Payton Award as FCS player of the year, Lehigh quarterback Chris Lum, was picked as the second-team quarterback. The award will be presented Jan. 6.
Bell's teammate, defensive end Ben Obaseki, also was selected to the team, making Indiana State one of five schools with two All-Americans.
Montana, which plays at Sam Houston State on Friday night in the FCS semifinals, is represented by linebacker Caleb McSurdy and defensive back Trumaine Johnson. McSurdy was the Big Sky defensive player of the year.
North Dakota State, which hosts Georgia Southern on Saturday in the other semifinal, placed offensive lineman Paul Cornick and defensive back Marcus Williams on the first team.
Furman linebacker Kadarron Anderson and defensive back Ryan Steed also made the first team, and Idaho State was represented by receiver Rodrick Rumble and punter David Harrington, who led the nation with a 48.7-yard average.
Joining Mitchell and Bell in the backfield was Wofford fullback Eric Breitenstein, who has 1,474 yards rushing and 19 touchdowns.
The other offensive linemen on the first team were: Weber State's J.C. Oram, Stephen F. Austin's George Bias, Georgia Southern's Brett Moore and South Dakota's Tom Compton.
The all-purpose player was William & Mary's Jonathan Grimes, who led the nation in all-purpose yards with 228 per game.
Portland State's Zach Brown was the kicker.
On defense, Prairie View A&M's Adrian Hamilton made the first team after leading the nation and setting a Southwestern Athletic Conference record with 20½ sacks.
Northern Iowa's Ben Boothby and Sacramento State's Zack Nash were the other linemen.
Joining McSurdy and Anderson at linebacker was Tyler Holmes of Massachusetts.
Josh Norman of Coastal Carolina rounded out the secondary.