Induction into the Hockey Hall of Fame is the highest individual honor a hockey player, coach or GM can achieve over the course of his career. It is an honor that is reserved for the best of the best, players that are among the best of all time and who set the standard for excellence during their era and for their team.
You will notice most of the players on this list are retired. There are a few active players listed here, but my standard for active players is this: if their career ended today, would they belong in the Hockey Hall of Fame? So players like Evgeni Malkin, Sidney Crosby and Alex Ovechkin didn't make this list, although they may qualify in a few years if they keep producing at an elite level.
Feel free to comment on players you don't feel belong and anybody you feel I left out, but again, remember the standard: If their career ended today, have they already qualified as being among the best of all time?