Sure, there are a few players on the team that could also be named captain. Players such as Lupul, Boland or Clarkson, for example. But let's not forget that Phaneuf didn't ask to be named captain. He automatically got annointed to that role by Brian Burke & Ron Wilson as soon as he joined the Leafs. What was he supposed to do, say no??
My only problem with naming Phaneuf captain was the fact he was barely a Maple Leaf when he received that distinction. Which is why even though players such as Boland or Clarkson would be very good captains, they still haven't put in their time in Toronto yet.
But i'm of the opinion that the distinction of being named a captain is very overrated. Sure, you've had great captains in the past & names such as Messier, Armstrong & Clarke come to mind. However, these were legends & there are not many of those.
Even though i'm a fan of Phaneuf but not a great one, i assess is value to the team to be as big as any other player's. He's the team's top defenceman and regularly plays 24-26 minutes a game. He's always on the ice for the powerplay and penalty killing. He's rarely injured & rarely takes a night off. He's reliable. You'll notice that mistakes that he happens to make usually happen when he's tired, which is the case when the coach constantly puts you on the ice. The same thing would happen to any other player in the league.
If Dion Phaneuf ever becomes a free agent, the list of suitors will be a long one. And he knows it, which is why he won't come cheap. A defenceman and leader such as Dion Phaneuf is exactly what a team like Edmonton, Philadelphia or Montreal needs on their defence. So if the Leafs don't want to give him a contract that he deems to be of fair value, he'll easily get it elsewhere, and the Leafs will then be without their top defenceman and top minutes player. His absence from the Leafs lineup would leave a huge void to fill. And i believe that the Nonis-Poulin-Loiselle troika knows it.