The race to win the Most Improved Player of the Year (MIP) award has been very competitive this year. Since the beginning of the 2022-23 NBA season, there have been incredible performances throughout the entire league.This season's list of improved players is stacked. Players from around the association have surprised their fans and peers with their play. Ranking the five players on this list hasn't been easy as all of them have blossomed into stars.With that said, here's the first list of this season's Most Improved Player of the Year (MIP) power rankings by Sportskeeda.#5 Tyrese HaliburtonIndiana Pacers v Brooklyn NetsPrevious week's NBA MIP Power Ranking - N/ALast Week: Games played - 2; Games won - 1; Games lost - 1Overall: Games played - 11; Games won - 5; Games lost - 6Last Week: PPG - 16.5, APG - 7.0, RPG - 8.5Overall: PPG - 21.6, APG - 9.8, RPG - 4.6Last Week: FG% - 48.1%, 3P% - 33.3%, SPG - 2.0Overall: FG% - 50.6%, 3P% - 45.3%, SPG - 1.8Tyrese Haliburton started the season strong as the first option for the Indiana Pacers. He's second in usage rate for the team with 24.4%. This will be his first full season with the Pacers, and second overall after getting traded last season by the Sacramento Kings.The third-year guard is being shaped as the new leader for the Pacers this season. Haliburton's improved play could push his case to win the MIP award.#4 Shai Gilgeous-AlexanderOklahoma City Thunder v Dallas MavericksPrevious week's NBA MIP Power Ranking - N/ALast Week: Games played - 3; Games won - 1; Games lost - 2Overall: Games played - 11; Games won - 4; Games lost - 6Last Week: PPG - 29.7, APG - 4.0, RPG - 3.0Overall: PPG - 31.6, APG - 5.6, RPG - 4.5Last Week: FG% - 62.7%, 3P% - 0.0%, SPG - 2.0Overall: FG% - 53.7%, 3P% - 32.1%, SPG - 1.9Shai Gilgeous-Alexander has taken a step forward this season, especially in scoring. He's averaging at least 30 points for the Oklahoma City Thunder and has allowed them to win a few games.Bally Sports Oklahoma@BallySportsOKWhat a two-way sequence from Shai Gilgeous-Alexander @okcthunder | #ThunderUp263What a two-way sequence from Shai Gilgeous-Alexander 😳@okcthunder | #ThunderUp https://t.co/leIrEpw7iuGilgeous-Alexander didn't make it to the top five in MIP voting last season. For the 77th NBA season, however, he's showing that he's transformed into the leader the Thunder needs.#3 Tyrese MaxeyPhiladelphia 76ers v Toronto RaptorsPrevious week's NBA MIP Power Ranking - N/ALast Week: Games played - 3; Games won - 1; Games lost - 2Overall: Games played - 11; Games won - 5; Games lost - 6Last Week: PPG - 30.3, APG - 4.7, RPG - 2.7Overall: PPG - 23.6, APG - 4.0, RPG - 3.5Last Week: FG% - 46.5%, 3P% - 39.3%, SPG - 0.7Overall: FG% - 46.5%, 3P% - 41.8%, SPG - 0.9With James Harden's recent injury, Tyrese Maxey has risen to the occasion for the Philadelphia 76ers. So far this season, Maxey is one of three players averaging at least 20 points. Harden's injury gave Maxey more chances at being the secondary scorer for the team.The former Kentucky Wildcats' development has helped Philly form another big three.#2 Desmond BaneMemphis Grizzlies v Denver NuggetsPrevious week's NBA MIP Power Ranking - N/ALast Week: Games played - 2; Games won - 2; Games lost - 0Overall: Games played - 12; Games won - 8; Games lost - 4Last Week: PPG - 24.0, APG - 3.5, RPG - 7.0Overall: PPG - 24.7, APG - 4.7, RPG - 5.1Last Week: FG% - 46.9%, 3P% - 53.3%, SPG - 0.0Overall: FG% - 46.7%, 3P% - 46.3%, SPG - 0.5Last season, Desmond Bane made it into the top five of the MIP race. He didn't win the award, but his Memphis Grizzlies teammate Ja Morant did. During one game this season, he had a 38-point performance against the Brooklyn Nets, including eight 3-pointers.He's playing even better basketball this season. Bane is averaging 24 points for the Grizzlies and he's knocking down his three-pointers at a high rate. If Bane stays consistent, this could be the season he'll win the MIP award.#1 Lauri MarkkanenUtah Jazz v Minnesota TimberwolvesPrevious week's NBA MIP Power Ranking - N/ALast Week: Games played - 3; Games won - 2; Games lost - 1Overall: Games played - 13; Games won - 10; Games lost - 3Last Week: PPG - 24.0, APG - 2.0, RPG - 10.3Overall: PPG - 22.7, APG - 2.5, RPG - 8.8Last Week: FG% - 61.9%, 3P% - 36.8%, SPG - 0.7Overall: FG% - 52.7%, 3P% - 34.1%, SPG - 0.6So far this season, Lauri Markkanen has been playing lights out for the Utah Jazz. He's led the Jazz to the number-one seed in the Western Conference standings this season. No one thought the Jazz would be a major threat this year, but Utah has beaten all the odds.Bleacher Report@BleacherReportJazz are the first NBA team to reach 10 wins Lauri Markkanen: 32 PTS | 8 REB | 6 3PM5878328Jazz are the first NBA team to reach 10 wins 🔥Lauri Markkanen: 32 PTS | 8 REB | 6 3PM https://t.co/yZDppDfUNFThe Jazz acquired Markkanen from the Cleveland Cavaliers via trade during the offseason. The trade seems to be paying off so far.