You do have to have a legal target, but the card often wouldnt work if you didnt anyway since Your opponent has the option of paying mana equal to the greatest power you have on board to try and nullify the counter magic
In fact, lets go ahead and create the mono-White cantripping creature tier list right now: S Tier : Wall of Omens, Inspiring Overseer A Tier : Spirited Companion, Helpful Hunter B Tier : Priest of Ancient Lore, Combat Thresher C Tier : Roving Harper, Search Party Captain D Tier : Resistance Squad, Settlement Blacksmith F Tier : Splitskin Doll, Errand-Rider of Gondor F- Tier : Farsight Adept Squad Rallier For three mana, Squad Rallier lets you look at the top four cards of your library to get a creature card with power 2 or less from among them
The better news is that it has strive, so for an additional 1W, you can choose another opponent
And while most of the creatures in Grand Larceny are good, a few stinkers could be replaced for something better
Honorable Mention #2 (#12 Overall - High Toughness Low-Cost Walls This is for all those 0/6 or 0/7 Walls out there