In an older ring ratins update article about making Mayweather/Pacquiao a tie for p4p, it says,
One question that emerged after Floyd Mayweather Jr. defeated Miguel Cotto on Saturday was sure to stir the passions of many fans: Did Mayweather do enough to supplant Manny Pacquiao atop THE RING’s pound-for-pound list?
Members of THE RING Ratings Panel pushed for Mayweather to become No. 1, citing his hard-fought but convincing victory over the top junior middleweight in the world.
Another argument against Pacquiao is that many people believe he was given a gift victory over Juan Manuel Marquez in his most-recent fight, the same Marquez who was overwhelmed by Mayweather.
Members of the Editorial Board leaned the other direction,pointing out that Mayweather had much more trouble with Cotto than Pacquiao did. The editors initially preferred to wait to see how Pacquiao looks against Tim Bradley on June 9 in Las Vegas before making a decision.
This suggest the ratings panel had some input on p4p lists, but the editorial board had the final decision.
But now apparently the p4p list is compiled solely by Chuck Giampa. In the new ring rating update article, there's no mention of the editorial board and it says the ratings panel has no input.
Due to the recent activity among elite fighters in the past few months, here is Giampa’s updated Pound-for-Pound Top 10 list (Editor’s Note: the mythical pound-for-pound rankings are not compiled with input from the Ratings Panel as the divisional ratings are):
I think this is a new change, which might explain the completely different p4p list from last week.