My opinion p4p should be based on activity and performance.
If you look at my Pound 4 pound ranking you will see alot of fighters that been busy, at least fighting once a year.
1. Ward, his performance over Dawson was one of the most dominating performance i have ever seen.
2. Martinez, fought at least 2 times a year.
3. Donaire, fought 4 times in 12, dominating the best of the best in his division, will move up to number 2 if he gets pass Rignodeaux
4. Mayweather, I give him a pass, I'm not a fan of only fighting once a year or longer, no excuses why he shouldnt give the fans what they want to see. Will drop a spot or 2 if poor showing vs the Ghost, will stay at 4 if he wins.
5. Pacquiao, Yes i still have him in the top 5, fighting 4 times vs a fighter like Marquez, of course he's due to lose. Style makes fight and Marquez gives Pac a run for his money. Main reason he's at 5 cause he fight, fight and fight the best of the best.
Thats how I judge my p4p rankings.