The former Saints captain hasn't been this excited about his old club since he led the team that came agonisingly close to a premiership in 2009-10.
Much of the focus at Moorabbin this year will be on big-name signings such as Tom De Koning and Jack Silvagni, and what excitement machine Nasiah Wanganeen-Milera does next.
But Riewoldt points to Phillipou and King, potential AFL stars who have struggled with injury.
King did not play at all last season because of repeated knee problems and Phillipou has managed only 20 games over the last two years.
"For me, the pass mark has to be the organic growth through players like Phillipou," Riewoldt told AAP at the Seven Network's AFL season launch.
"The recruits are great - in a way, they're a bit more of a known quantity than some of the guys I want to see real improvement from, like Phillipou and King.
"They're the two, that if they can turn into the players I think all football fans want to see them become, then St Kilda will have a really strong year."
Riewoldt was asked for his reaction when St Kilda announced a few days ago that King had hurt a calf at training - yet another setback, but this time not a knee injury.
"I was shocked, but I was not shocked at all," he said.
Riewoldt had a knee injury early in his career as well, but said at some point King has to find a way through.
"It's go-time, isn't it? Max would be feeling that as much as anyone," Riewoldt said.
"Continuity, that's the minimum standard requirement for any player that's hoping to establish himself as a bona fide AFL star.
"That was the trajectory he was on before all of these injuries. I want to see him play 20 games of footy - I want to see him get a good run at it.
Riewoldt has great sympathy for King, given he was also once St Kilda's main key forward who had significant injuries.
"I understand the challenges he would be facing, physical and mental, and given the time he's spent on the sidelines, and the expectation," he added.
"Really, the only answer ... the best ability for him is going to be availability and health - that's what I'm hoping for him.
"Kicks, marks, goals - yep, whatever - I want to see him play 20 games."
Talking about what a pass mark would be for the new-look Saints this season, Riewoldt looked more broadly.
"It's going to be the sum of the next three years, rather than - if they don't finish 'X', this year then this whole thing's been a failure," he said.
"Probably because I know it a little more intimately, I probably look at that more holistically.
"It's not 'chips in for 2026' - I wouldn't say it's an old list. It's a young list, they've played as many kids as anyone over the last few years.
"The players they've invested significantly in, the vast majority of them are players with their best footy in front of them - De Koning, (Sam) Flanders, Nasiah obviously.
Asked when he had last been so excited about his old club, Riewoldt replied: "not since I was a part of the group that was contending.
"After then, the club declared an intentional and deliberate rebuild, which I personally think sucked the soul out of the joint.
"It's been in that state of flux since ... but the last few years, you've seen a pretty clear and deliberate approach to do it properly.
"(They've also been) aggressive - not just in recruiting, but in positioning the club within the entire AFL framework, from the president down. It's as excited as I've been for the Saints for a long time."
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