This young lion has the stuff it takes to be P4P however, I do see a defensive flaw that can keep him from reaching that level.
1. Take note of his conventional method of covering up.
When in the conventional setup you should not be within punching range when you are not punching. Canelo will stand there an absorb unnecessary punishment which I have a problem with. An elite fighter will take advantage of this opportunity.
Remedy: I would like to see him in and out more only coming inside to get his punches off and getting back on his bike when he's through punching. Easier said than done!
2. He likes to rely on the controlling of distance a little to much.
Remedy: At some point against an elite fighter you will have to rely on a better solid defensive tactic like the bobbing of the head or a good use of the parry or even a different defensive setup to give the opponent a different obstacle to conquer.
3. No upper body movement.
Remedy: Side to Side movement from Canelo would absolutely make him a harder target to hit. If he can incorporate punching off of defensive movements he would give anyone one of the top guys a nightmare fight.
Closing Statement:
I really like Canelo and if he can correct some of his defensive issues I would put him in there with any of the elites. Oscar who promotes Canelo spoke publicly saying that Canelo was not ready for a fight with master boxer Floyd Mayweather just yet. I agree! Until he can fix the defensive flaws I'd avoid that fight.