Multi-robot navigation is increasingly crucial in various domains, including disaster response, autonomous vehicles, and warehouse and manufacturing automation. Robot teams often must operate in highly dynamic environments and under strict bandwidth constraints imposed by communication infrastructure, rendering effective observation sharing within the system a challenging problem. This paper presents a novel optimal communication scheme, Intelligent Knapsack (iKnap), for multi-robot navigation in dynamic environments under bandwidth constraints. We model multi-robot communication as belief propagation in a graph of inferential agents. We then formulate the combinatorial optimization for observation sharing as a 0/1 knapsack problem, where each potential pairwise communication between robots is assigned a decision-making utility to be weighed against its bandwidth cost, and the system has some cumulative bandwidth limit. Compared to state-of-the-art broadcast-based optimal communication schemes, iKnap yields significant improvements in navigation performance with respect to scenario complexity while maintaining a similar runtime. Furthermore, iKnap utilizes allocated bandwidth and observational resources more efficiently than existing approaches, especially in very low-resource and high-uncertainty settings. Based on these results, we claim that the proposed method enables more robust collaboration for multi-robot teams in real-world navigation problems.