Bard is the only deity of Runeterra that we know of at the moment, so we can assume it is the most powerful.
Nasus, Renekton, Xerath, and Azir are all ascended beings, making them probably the next tier of power. Kalista is very nearly an avatar of vengeance, so I'm assuming she's like a minor goddess. She probably rests around here in comparison as well. Unbound Xerath is likely just as powerful as the others, as they all underwent the same enchantment. Why Xerath is roughly equal to Azir in power in League can only be described as a balance decision.
Most of the other magical champions fall beneath them, but their powers are often too useless or too hyperspecific to effectively categorize. Some like Lissandra, are very close to Azir; however, Lissandra is implied to have lost Shurima to the desert in one of her monologues, indicating that her power is less than Azir's.
At the bottom are all the champions whose combat strategies revolve around whacking each other with various objects. These are just random beings who are capable of holding objects. I can do that.