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Performance analysis (PA) in cricket plays a crucial role in evaluating players and teams based on their on-field contributions. Traditional ranking systems rely on fixed point calculations, often failing to account for contextual factors such as the strength of the opponent or a player's experience level. This study identifies the limitations of conventional performance metrics and proposes a novel methodology that enhances fairness and accuracy in ranking players. The proposed approach is built upon two fundamental principles: (1) the quality of a win is determined by the strength of the opponent, ensuring that victories against stronger teams yield higher points, and (2) debut players are assessed differently from experienced players to reflect their evolving performance potential. By integrating these strategies, our methodology provides a comprehensive framework for evaluating individual and team performance in a more balanced and meaningful manner. Findings indicate that the revised ranking system offers improved fairness in assessing player contributions, mitigating biases in traditional ranking methods. This approach can significantly impact team selection, strategy formulation, and talent development in cricket. Future research can extend this model to other sports, enhancing performance evaluation across different competitive domains.