To me the most underrated captain in the league is Olli Jokinen. He is one of the most underrated players period. I also agree with the Marleau suggestion. To me the most underrated captain would be the one who gets the least amount of publicity while contributing the most to his team. Jason Smith, although a warrior, is not the most underrated. He is appropriately rated based on his ability and performance. Leadership wise I think he is underrated - but value to team not so much.