One Piece has introduced numerous characters, each with their own overpowered ability. The four emperors, popularly known as the Yonko, embody the peak of these powers, with their entire concept serving as representation of superpowers that rule the seas.
Although the previous version of Yonko with members Shanks, Whitebeard, Kaido, and Big Mom have been almost completely replaced with the new Yonkos being Shanks, Luffy, Blackbeard, and Buggy, it should be noted that three of them were somewhat mentored by Silvers Rayleigh from the last generation.
Being one of the only people from Gol D. Roger's era, his prime power level compared to the current generation remains one of the most popular questions. While the current Rayleigh will hardly be able to defeat the Yonkos, with the exception of Buggy, Rayleigh in his prime still remains as an individual capable enough to defeat each and every one of the Yonkos.
Disclaimer- This article contains spoilers for the One Piece series and is a speculative theory that reflects the author's opinions.
One Piece: Prime Rayleigh embodies power beyond the new generation Yonko

Silvers Rayleigh was the first mate of the legendary Roger Pirates, with Rayleigh himself serving as Roger's closest friend, confidant, and right-hand man. While his actual feats compared to the current and previous generation of the Yonko remain obscured, his reputation and probable opponents from his days with the Roger Pirates serve as testament to the height of his abilities via subtext.
Rayleigh in his prime shared battlegrounds with Roger against the likes of Garp, as well as Rocks D. Xebec, whose crew later became the progenitors of the Yonko system. Rayleigh was also a master of all three types of Haki, including Conqueror's Haki, as well as its advanced application.
Alongside his mastery over Haki, he held considerable skill with the sword, nearly serving as a precursor to the position that Zoro currently holds. Given his status as the Roger Pirates' first mate, he must've also fought the Rocks Pirates, including Whitebeard, Kaido, as well as Big Mom, each of whom commanded mastery over the three types of Haki.

The Roger Pirates' triumph in the God Valley incident against the God Knights, and the Rocks Pirates, further exemplifies the actual power held by Rayleigh. While Rayleigh might not hold devil fruit powers at his command, it has already been made clear that Haki triumphs over devil fruits, given sufficient expertise over the former.
All things considered, in case the current Yonko, comprised of Buggy, Shanks, Luffy, and Blackbeard, were to ever engage Prime Rayleigh in a fair 1 vs 1 battle, Buggy would be the one to taste defeat without any kind of effort from Rayleigh.
The trio of Shanks, Luffy, and Blackbeard would be a much different fight even for Prime Rayleigh, given their feats and the abilities that they hold. Blackbeard's hold over two rather overpowered devil fruits, including the Yami Yami no Mi and Gura Gura no Mi, would make Rayleigh's fight difficult. It should be noted that Rayleigh would still emerge victorious.

All of Blackbeard's fights against prominent characters have been explicitly shown as a joint effort or ambushes, carefully planned and enacted by Blackbeard. While Blackbeard might hold considerable power with his two devil fruits, at the core of his character is a schemer instead of a strong-headed combatant. It would lead to his defeat at the hands of a much more capable Rayleigh.
Luffy, on the other hand, embodies skill over devil fruits. Luffy is a combatant with a strong will and proper direction guiding each of his actions. His mastery over all three kinds of Haki stands proof to the strength of his character.
But although Luffy's devil fruit and rather unconventional fighting IQ give him an edge compared to Rayleigh, who in every measure is a regular human, Rayleigh would nonetheless triumph. It has been made clear that Luffy is not invincible during his Gear 5 transformation, along with the fact that Gear 5 itself activates with a timer.

Given Rayleigh's nature and fighting experience, it is possible that he would somehow manage to tire Luffy out or win via some other underhanded tactic, if his Haki were to prove ineffective against Gear 5's reality-warping powers.
Red-Haired Shanks, the former Roger Pirates crew member and the only Yonko to maintain his position throughout the ages, would prove to be Rayleigh's toughest fight. While it is clear that Shanks must've been mentored by Rayleigh during the Roger Pirate era, it should be highlighted that current Shanks embodies the power held by both Rayleigh and Roger.

Unlike other powerhouses within One Piece, Shanks only has command over all types of Haki, mastery over swordsmanship, without any kind of devil fruit abilities. Similar to Luffy, Shanks at his core remains a combatant with a cunning nature, reflecting qualities similar to Rayleigh himself.
Given Rayleigh and Shanks' nearly identical combat abilities alongside their rather equally strong strength of character, it is likely that a fight between the Red-Haired Pirate and Prime Rayleigh would end in a stalemate in almost all scenarios.
While current Rayleigh currently holds power which is simply a fraction compared to his prime, it should be noted that by hierarchy, Rayleigh and Roger represent a level higher than the Yonko.
Final thoughts
One Piece chapter 1148 will be released on May 11, 2025, and continue the God Knights' onslaught upon Elbaph. Rayleigh's role and power level have taken a toll throughout the years. However, in his prime, he held position and power enough to stand with the likes of Rocks D. Xebec, who is still regarded as a character above the current powerhouses within the One Piece story.
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