I think I'm getting closer to an optimal Midrange Paladin List. It leans a bit more control, with Ysera added to it, but having a little extra late game adds greater possibility of winning the jousts, and I found that to be more likely last night when testing this build.
It curves out really nicely, and I like having multiple taunt mechanisms in Master Jouster, Coghammer, and Tirion. Master Jouster is just so good against matchups like Patron, because it doesn't have the drawback of Sludge Belcher with the 1/2 slime and curves out nicely in the 6 slot. Yeah, you lose the joust some percentage of the time, but at least it contest most 6 drops pretty well, and can make multiple trade by killing emperor and something else even without winning the jousts.
I really like Murloc Knight, but I view him much more like a 6 drop, and I think it's more important to have a true 4 Drop in Piloted shredder (and I cannot cut shredder, otherwise the deck can feel a bit clunky with Murloc Knights instead...I played the 2 murloc Knight/1 Shredder, but it didn't feel as consistent).
Some are running lists of 2 Murloc Knights and 2 Shredders, and that's a decent build too, but that slightly weakens the joust cards, and I really wanted to play 2 Tuskarrs and have enough taunt to feel consistent. By playing Master Jouster instead of Belcher, it allows me to have a Tuskarr Activator as well as not clogging the 5 slot.
Bottomline, this deck has enough early game to contest the highly aggro decks with double chow and coghammers, and it has plenty of late game to matchup well against other control/midrange decks. Ysera, although expensive, Is a nice closeout card as your opponent is often wasting removal/silences to counter this decks midrange threats and tokens.
Try it out! I think you'll really like this build.