Kelmak's Spear +
Nico, Urban Hunter = value engine.
Spear is a very powerful card that I expect to be nerfed at some point - it provides free recurring removal against small enemy units, plus you can use it to pump other units like
Feln Adept, shrink token swarms and recursive units like
Dawnwalker, or trigger frenzy. It also lets
Sahin, Stateless immediately get lifesteal.
Meanwhile, Nico is a hero to recur spear (or be recurred by Spear triggering frenzy) and also serves as discard fodder for Letrai Marauder... or a great body to give killer itself.
The rest of the deck is fairly self-explanatory.
Centipede Keeper is a cheap scaling threat that can also trigger frenzy or kill stuff in the lategame.
Murgo the Bone Guy is a cheap hero that can also double as a lategame piece of value. Throwing the weapon on Feln Adept can also be good.
Direwood Pack is often inscribed, but is another scaling threat.
Ziat, Steelwarren Reeve is another hero, and extra disruption. Could be replaced with another hero if desired.
Shrivel and
Feed the Hecaton are more removal, and can be replaced with another option if desired.
Vara's Favor smooths the curve and triggers frenzy (or kill small units).
Skullmarket Delivery is the market access of choice.
Wildlands Scavenging is a cheap answer to opposing relics.
Dangerous Gambit is cheap removal.
Souleater Blade is a flex slot for a bit of incidental lifegain.
Grim Reminder can be inscribed if necessary or played for a recurring frenzy trigger. Could be a Sigil instead.
Nullblade is more removal, a threat against unit-light decks, a frenzy trigger, or hate for opposing Spears / Nicos, as necessary.
I'll recommend mulliganing for Kelmak's Spear if possible, since it's fantastic in the early game and one of the strongest things this deck can do. That said, an opening hand with Murgo or Feln Adept + frenzy enabler is also usually worth keeping.
Let's enjoy it until Kelmak's Spear becomes nerfed.