The Vegas Golden Knights have never been shy about making roster adjustments based on cold, hard facts. So what better way than to rank the 2025-26 roster relative to how effective they were last season against how much they are making this coming season. This is about bang for your buck using our Value Ratio Power Rankings.
I used Point Shares (PS) from Hockey-Reference alongside projected 2025-26 cap hits from Spotrac and PuckPedia to calculate how efficiently each Knight delivers production relative to their salary. Think of it as a return-on-investment (ROI) score: higher numbers mean more wins for less cash.
For context: a Value Ratio (VR) of ~1.0 is about average, 1.5+ is strong, and 2.0+ is elite. Drop below 0.8 and you’re in the “need a bounce back” zone, where your most recent production has not matched the paycheck.
With this in mind, I grouped (most) of the Golden Knights into four tiers, starting from the lowest tier, the players who need to step up.
The 2025-26 Golden Knights Ranked in Tiers
I broke the roster into four tiers using Value Ratio (Point Shares per million dollars) to see who is worth their weight in dollars. Tier 1 are the bargain gems, the players who will command a massive pay increase in their next deal if they keep it up. Tier 2 are reliable and above-average contributors who have performed well given their average annual salary. Tier 3 players deliver roughly what their cap hits suggest. Tier 4 contracts are the heaviest, unless production improves.
Related: The NHL’s Best Farm Systems Ranked – 2025-26 Preseason Update
On a last note, I excluded Knights who played fewer than 30 games (in total, not just with the team in 2024-25) and those on the long-term injury reserve, like Alex Pietrangelo, especially since he may be unofficially retired at this point.
Players with an asterisk (*) are those whose PS includes stats from another team.
Tier 4 (Ratio ≤ 0.80): Need to Bounce Back – Potential Cap Problem Spots
- Mark Stone — Value Ratio: 0.75, Cap Hit: $9.5M, 2024-25 PS: 7.1
- William Karlsson — Value Ratio: 0.49, Cap Hit: $5.9M, 2024-25 PS: 2.9
- Cole Schwindt — Value Ratio: 0.36, Cap Hit: $825K, 2024-25 PS: 0.3
Here’s where things get dicey. Mark Stone (0.75) is a franchise stud and the team captain, but his lofty contract and injury history may have dragged down his efficiency. William Karlsson (0.49) will always be a fan favorite in Las Vegas. But his production has slid well below his $5.9M hit. Depth defensemen Ben Hutton (0.31) and new acquisition Jeremy Lauzon (0.05) also had tough seasons in 2024-25, but did not play enough games to officially qualify for the rankings.
Every contending roster has a few of these contracts, which are potentially trade bait or on the chopping block. Vegas just has to hope some bounce back in 2025-26, especially from Stone and “Wild Bill” Karlsson.
Tier 3 (Ratio 0.81 – 1.19): Average Value – Fair Deals, No Free Lunch
- Jack Eichel — Value Ratio: 1.05, Cap Hit: $10.0M, 2024-25 PS: 10.5
- Brandon Saad — Value Ratio: 1.05, Cap Hit: $2.0M, 2024-25 PS: 2.1*
- Colton Sissons — Value Ratio: 1.05, Cap Hit: $1.428M, 2024-25 PS: 1.5*
- Tomas Hertl — Value Ratio: 1.02, Cap Hit: $6.750M, 2024-25 PS: 6.9
- Keegan Kolesar — Value Ratio: 0.96, Cap Hit: $2.5M, 2024-25 PS: 2.4
- Noah Hanifin — Value Ratio: 0.94, Cap Hit: $7.35M, 2024-25 PS: 6.9
- Mitchell Marner — Value Ratio: 0.88, Cap Hit: $12.0M, 2024-25 PS: 10.0*
This is the “you get what you pay for” group. All tied at 1.05 VR, Jack Eichel, Brandon Saad, and Colton Sissons (1.05) look strong here and fall just short of making our next tier. Sure, Eichel carries a $10M tag, but his elite production keeps him above water. This could change when he scores his next big deal, however. Sissons is a new arrival from the Nashville Predators (along with Lauzon), in a cap-clearing deal for Nicolas Hague.
Noah Hanifin (0.94) and Tomas Hertl (1.02) have not been bad, but their cap hits are steep compared to their outputs. They’ll need to produce at a more consistent rate, given what Vegas paid for them.
Last and certainly not least, Mitch Marner (0.88), the Knights’ newest superstar, will be tough to rank higher given his $12M cap hit. To his credit, he is coming off a career season (102 points) and continues to generate buzz and capital for his new team. If my VR factored in these intangibles, he’d be ranked much higher.
Tier 2 (Ratio 1.2 – 1.99): Strong Value – Unsung Heroes and Players that Carry
- Brayden McNabb — Value Ratio: 1.95, Cap Hit: $3.65M, 2024-25 PS: 7.1
- Brett Howden — Value Ratio: 1.92, Cap Hit: $2.5M, 2024-25 PS: 4.8
- Reilly Smith — Value Ratio: 1.50, Cap Hit: $2.0M, 2024-25 PS: 3.0*
- Adin Hill — Value Ratio: 1.41, Cap Hit: $6.25M, 2024-25 PS: 8.8
- Ivan Barbashev — Value Ratio: 1.26, Cap Hit: $5.0M, 2024-25 PS: 6.3
- Shea Theodore — Value Ratio: 1.20, Cap Hit: $7.425M, 2024-25 PS: 8.9
- Zach Whitecloud — Value Ratio: 1.20, Cap Hit: $2.75M, 2024-25 PS: 3.3
This is the backbone tier, the consistently strong contributors who give Vegas a solid surplus. Brayden McNabb (1.95) is the poster boy here, offering defensive stability at a mid-range price. Brett Howden (1.92) is right there, too, showing his value as a bottom-six forward who consistently punches above his contract.
Add in Adin Hill (1.41), a Stanley Cup hero still giving high-end goaltending even with his lofty new deal, and the returning Reilly Smith (1.50), and we’re seeing why the Knights consistently finish near the top of the regular season and make deep playoff runs. Each contender needs a “role player” capable of elevating the team beyond their status.
Ivan Barbashev (1.26) and defensemen Shea Theodore and Zach Whitecloud (both at 1.20) round out this group, all offering more than they cost, which is crucial for a team with several pricey stars.
Tier 1 (Ratio ≥ 2.0): The Elite, Bargain Kings
- Pavel Dorofeyev — Value Ratio: 3.43, Cap Hit: $1.835M, 2024-25 PS: 6.3
- Kaedan Korczak — Value Ratio: 3.15, Cap Hit: $825K, 2024-25 PS: 2.6
Here is where you find the gems. In the Golden Knights’ case, two stand at the top. Pavel Dorofeyev (3.43) is the clear headliner, turning his $1.8M deal into first-line type production. He’s the kind of player who makes the whole cap puzzle work: 35 goals in 82 games in 2024-25 as a breakout star. If he can keep this up, he will be making more than three times what he’s currently owed.
Kaedan Korczak (3.15) isn’t far behind, giving the Knights a steady defensive presence on a contract that costs less than some guys’ meal stipends. He’s still slated as a bottom-pairing d-man, but will continue making a strong case for more ice time if he can prove last season’s production was no fluke.
These are the guys that make general managers grin and opposing fans groan.
Conclusion: Value Goes Beyond Numbers
This ranking is just a rough snapshot built on stats and salary data. It doesn’t capture the intangibles—leadership, locker room presence, clutch moments—that often matter just as much. Like most power rankings, mine is not perfect (and will likely ruffle feathers or raise eyebrows). But this exercise gives a fun, numbers-driven look at who’s delivering the most value for the Golden Knights heading into this coming season.
