Ferguson fought Cowboy coming off 3 straight wins. Conor fought Cowboy coming off back to back stoppage losses. You have the right to think that doesn't matter and the win is equal, but most rational people are going to strongly disagree.
Ferguson has wins at WW too, you know that, right?
And your hyperbole of "almost getting flatlined" is great, except he won both of those fights. By stoppage. And while he was hurt momentarily, he was never truly close to being finished in either. Also...I'm confused about you saying he was on a "sick 5 win streak..." before fighting Lee. He had actually won 9 fights in a row prior to that fight.
And Thompson vs Nate comparison...I think we saw who the better LW was at the time. Tony beat him when Josh was still top 10 (coming off 2 losses yes, but split decisions and before that the KO of Nate).
Having said all that, I do realize that you said Tony over Conor is reasonable so obviously you're rational. As of this second, Tony is clearly above Conor to anyone with a shred of objectivity. It's fluid, that could change, but as of right now the guy with 12 wins in a row (9 finishes) and about half vs the top 10 is clearly above the guy who has 1 win in the last however long and is 3-2 in his last 5 fights. Both losses via stoppage, and one of his wins a razor close majority decision.
I said "sick 5 fight win streak" of Kevin Lee, not Ferguson. Lee's 5 fight streak to earn an interim title shot was kind of suspect imo.
Regardless Tony has had close fights and was dropped by Vannatta and Pettis, that's a fact. He still won those fights including the Lee fight which was close, so ultimately I guess it doesn't matter just as Mendes bodying McGregor early doesn't matter.
I am being objective, sorry I value the FW run + beating the GOAT at FW for the title + winning the LW title + fighting 3 time at WW ~sort of
over a 12 fight win streak* + an interim LW belt + not unifying the belt
Listen I like Tony Ferguson too so you're dead wrong about "objectivity" I'm a fan of both McGregor and Ferguson and I'm not some big fan of McGregor which everyone on Sherdog seems to assume of anyone not bashing him.
* = if we are going to go back that far then we need to count the loss to Michael Johnson right? and then the successive 5 wins against shitty to journeyman level compeittion in: Mike Rio, Kikuno, Castillo, Trujillo, Tibau. Then let's add Vannatta to the list, and personally I don't think Pettis or Cerrone are that great of wins either, regardless and no I don't think Cerrone losing to Tony and Gathje is a big factor really.
Cerrone was he was at that point, he already lost 3 straight at WW and never beat top flight guys and was pretty good otherwise.
Back to Ferguson, you say he fought at WW. That's very misleading imo...he fought once during a TUF finale against Nijem and that was his only 170 lb fight in the UFC, the rest is in other orgs which is irrelevant. If we are counting other orgs then McGregor was a two division champion in Ireland or something right?
To me the P4P list is based of skill. Who's actually the best right now, while trying to negate size being a factor. Obviously long layoffs hurt you which is why McGregor and Tony are both arguably lower than they should be, or could be. Tony has only fought 4 times since Nov. 2016.
TLDR: I value McGregor's wins and two belts in two divisions, and actually fighting in 3 divisions more legitimately, over Tony's 12 fight win streak where arguably half the wins are against meh competition.