A lot of team names will pop up, England and NZ 92, Pakistan 99, West Indies 83, SA 99/2011 and so on and so forth...issue is though, a team can be great on paper, it can put in tremendous performances throughout a tournament and can have some electric singular talents but if they lose the big ones, the big matches, the ones that matter the most...are they really the "best" team to not have won a world cup? Maybe they reached their peak too early? Maybe they didn't have the mental elasticity of the testicular fortitude? And above all else, maybe they just came up against a team that had come together at the right time and their players were in the best possible form, superior to the so called "best" team.
Now I'm too young to remember 92 and have faint glimpses of 96 in my memory but there is no denying that Australia was one of the top 3 teams in 99 and they were purely dominant in 2003 and 2007, who could really match them in those two back to back world cup wins? India were the most efficient ODI side in 2011 and maintained that form all the way to 2013. Were Pakistan, SA or Australia good enough to match them and win on the biggest stage? I don't think so.