The Circle of Captains consisted of most honorable warriors of the Five Hundred Companions known as captains. Each of the captains represented his longboat and its crew. Since the Five Hundred Companions didn't have strict hierarchical rule over its members the Circle didn't have actual power over anyone. However, meeting of the Circle were assembled as the Five Hundred had to decide their further course of action or had other serious matters that needed discussion.
For the very first time the Circle of Captains was assembled during the events of the so-called Return. First set goal of the Five Hundred had been recently completed. Shortly after arriving at Hsaarik Head, Tamriel, known to the Nedes as Mereth during the time, the Companions had reclaimed Saarthal. Five Hundred had to decide what to do next as there was a huge unexplored continent ready for taming and countless elves to slay.
During the first assembly it was decided that every captain and its crew should go their own way. As a result, the Five Hundred Companions spread all over Tamriel.
Traditions of the Circle were kept despite the thousands of years that had been passed since the original assembly. The idea of veteran members of The Companions forming meeting to discuss most serious matters was still present during the Fourth Era.
However, along with many other things, the Circle was different from its original. Most noticeable change being the name itself. In the Fourth Era the assembly is simply referred to as "The Circle" as the rank of captain had been lost.
- Ysgramor, Harbinger of the Five Hundred and captain of Ylgermet
- Yngol, captain of Harakk (was already deceased during the first assembly)
- Ylgar, captain of Darumzu
- Jeek of the River, captain of Jorrvaskr
- Captain of Kaal Kaaz
- Captain of Sadon Reyth
- Roeth, captain of Krilot Lok
- Rhorlak, captain of Chrion
- The Elder Scrolls V: Skyrim (mentioned only)
- Songs of the Return, Vol 2
- Songs of the Return, Vol 7
- Songs of the Return, Vol 19
- Songs of the Return, Vol 24
- Songs of the Return, Vol 56