Design and implement a ranked cache system.

Focus on the core components of a ranked cache system, including how to prioritize and store items based on their usage frequency or relevance. Discuss the data structures you would use to maintain the ranking, such as a priority queue or a sorted list, and explain how you would handle cache eviction policies (e.g., LRU, LFU). Be prepared to address performance considerations, such as time complexity for insertion, retrieval, and eviction operations. Additionally, consider edge cases like cache size limits and how to update rankings dynamically as usage patterns change.