1850 Space Wolves list
1 Logan Grimnar (275)
1 Wolf Lord (TWM, Runic Armor, Wolftooth, Wolf Claw, Storm Shield, Melta Bombs, Warrior Born, 2 Fenrisian Wolves) (285)
1 Njal Stormcaller (Terminator) (270)
1 Wolf Guard Battle Leader (PWeap, Hunter, 2 Fenrisian Wolves) (105)
1 Lone Wolf (Terminator, 2 Fenrisian Wolves) (65)
1 Lone Wolf (Terminator, 2 Fenrisian Wolves) (65)
8 Wolf Guard (3 Terminator, 1 Terminator w/CML, 2 Combi-Melta) (208)
5 Wolf Guard (1 Terminator w/CML, 2 Combi-Melta) (145)
2 Thunderwolf Cavalry (PFist) (125)
2 Thunderwolf Cavalry (PFist) (125)
5 Long Fangs (4 Multimelta, Drop Pod) (150)
Probably not perfect, but I think it's a general direction to be working in. We have a couple basic things going on: Njal and the WGBL always hang with the big squad of Wolf Guard, so we have a minimum of five dudes with 2+ saves and pretty much always 3+ cover, making us an incredibly tough nut to crack. This unit will usually want to hang on an objective in midfield, shooting away with its CML and Living Lightning. Storm Bolters can also add a surprising amount of shooting against infantry, so don't be afraid of horde units- charging you is basically suicide for them. Njal gets you psychic defense and utility powers that you desperately need and is also a reasonably tough dude in a fight; WGBL is just there to hold a Saga for folks. Don't put wounds on him if you can possibly avoid it, and remember your sacrificial puppies- they have 3+ cover saves, too.
Logan generally come in with the Long Fangs in a Pod, hopefully reasonably near some of your other units. They split fire and melta down a pair of tanks first turn, then go on a rampage if allowed to do so. You can shift one of the Terminators or CML Wolf Guard to their unit if you want some extra punch, or you can throw a dork in if you just need a body to soak wounds. It's largely a throwaway threat, but Logan makes them non-ignorable and enables the rest of the build, so we go with it. You also have the option of deploying normally, so think about how far the enemy is likely to be from you. Logan ideally hooks up with one of your other units in the late game to solidify a hammer, but expect him to die a lot.
The two TWC units and two Lone Wolves are basically just their to reinforce the theme ("crazy dudes goin' nuts") and add in more high-threat models that need to be dealt with. The Lone Wolves only have Power Weapons, but you could certainly go for something flashier on them. They also act as one of the delivery systems for...
...The Wolf Lord. This guy is a monster, and everyone knows it; take advantage of this. He can sit with the TWC if the enemy is light on shooting and basically just bounce around boosting his Warrior Born count. He is kitted to fight infantry but can do passably against MCs if he has to- really, though, you want to be dumping him into large enemy squads (ideally multicharging things as part of a unit) and just get a body count. Meltabombs are there if you somehow screw up and go up against a walker, which you never, ever want to do if you can help it. Still, 5pt insurance policy.
I considered running Ragnar (with puppy buddies) because Warrior Born is just that awesome and combining it with extra attacks on the charge is even better, but without a Wolf, it's unlikely you could build your count up the way you want with him. Still, having two Warrior Born guys is a nice thought and you might consider it- having Ragnar hanging with the big Wolf Guard squad turns them into a serious melee threat.