One major drawback of the classic time-correlated single photon counting (TCSPC) technique is pileup-related distortion. To keep it under a reasonable level, the maximum count rate has to be reduced, posing a serious limitation to the overall measurement speed. This means that there is an intrinsic trade-off between speed and distortion: either count rate is raised, but distortion is worsened, or distortion is minimized at the expense of speed. In both cases, it is impossible to precisely evaluate the degree of distortion introduced. Here comes our new, to the best of our knowledge, figure of merit, which is able to provide a numerical estimate of the distortion whatever the signal shape is, marking a real turning point in the way of doing TCSPC. In this article, this new parameter will be defined and its effectiveness will be demonstrated by means of mathematical computations.