In one embodiment, a method for managing a dynamic total power level for an information handling system includes: identifying, by a power manager of the information handling system, a first power level associated with a processor subsystem of the information handling system, the first power level based on a cooling capacity associated with the information handling system; identifying, by the power manager, a second power level associated with a graphics processing unit of the information handling system, the second power level based on a performance associated with the processor subsystem; determining, by the power manager, the dynamic total power level based on the first power level and the second power level; and modifying, by the power manager, a fixed total power level based on the dynamic total power level, the dynamic total power level causing the processor subsystem and the GPU to operate within the dynamic total power level.