I don't think it's arbitrary, and I don't think it's all subjective either. It's made up of the subjective consensus among those who know boxing and also objective actual achievement.
To each their own, I know a lot of boxing fans don't like getting into p4p discussions, but I never understood why, because p4p rankings are the titles that are given by the fans and boxing media, not by some bullshit sanctioning body. In our era where there seem to be hundreds of "world champions" per weight division, the consensus of boxing's core audience means much more than any belt or trinket ever could.
So when the entire boxing community is mentioning a guy's name in the top 10, top 5, or even top position p4p, I think that carries a lot of weight.
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