The implicit graph conjecture states that every sufficiently small, hereditary graph class has a labeling scheme with a polynomial-time computable label decoder. We approach this conjecture by investigating classes of label decoders defined in terms of complexity classes such as P and EXP. For instance, GP denotes the class of graph classes that have a labeling scheme with a polynomial-time computable label decoder. Until now it was not even known whether GP is a strict subset of GR. We show that this is indeed the case and reveal a strict hierarchy akin to classical complexity. We also show that classes such as GP can be characterized in terms of graph parameters. This could mean that certain algorithmic problems are feasible on every graph class in GP. Lastly, we define a more restrictive class of label decoders using first-order logic that already contains many natural graph classes such as forests and interval graphs. We give an alternative characterization of this class in terms of directed acyclic graphs. By showing that some small, hereditary graph class cannot be expressed with such label decoders a weaker form of the implicit graph conjecture could be disproven.