There is an argument to be made for this, and that is from late 2003-early 2006 when Pacquiao was fighting Barrera, Marquez, Moralesx2. if you believe he leapfrogged Floyd in this period when he was fighting the likes of Sosa, N'dou, Corley, Bruselles, Gatti, & Mitchell, and in the subsequent time Floyd hadnt done enough to jump back upto #1 or Manny has done enough to hold him off, then yeah you could consider Pacquiao #1.
I wouldnt necessarily agree with this argument, but it would be a valid one you could make.
I wouldnt necessarily agree with this argument, but it would be a valid one you could make.

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