Great post, but I don't get why 'length of reign' is an independent variable to be reckoned with? Sergei Dzindiruk and Zsolt Erdei are currently the longest reigning champs at LMW and LHW respectively, but neither of them are half as interesting as other fighters in their divisions. In other words 'length of reign' is only worth mentioning when defined by 'quality of opponents', 'dominating a division' etc - as a factor itself it shouldnt matter [1].
Also I disagree that being unbeaten matters much on a P4P-list. Pac, Hopkins and Margarito all lost early in their career, but that doesnt take anything away from their current level or status. Juan Manuel Marquez losing to Pac does not make him unworthy of P4P-status either.
As for the rest of your post I completely agree, although I would add to your assesment, that the P4P-list for me is something more based on achievements than current level. In other words it does not necessarily reflect the 10 best fighters in the world, but the 10 fighters with the best (recent) career.
[1] This is not to say that it isnt a fine record, Calzaghe's 11 years surely are for example. It just has nothing to do with P4P.


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