But if there is only TODOs and not bugs, how managers will prevent the creation of 'high severity bugs' when they're in panic mode?
I wish I was joking but that's something to think about..
If you mean how they handle them, there is an incident procedure for that. If it's not really an incident but, well, I need this next week for Gartner Magic Quadrant...I have phone numbers of managers in my reporting chain.
If there are conflicts then it's up to the managers to fight it out.
And if you're running out of time, that would amount to the same thing, since you'll never get to it.
Also, so long as you have enough work queued up for a few weeks, there is not really much point to stack-ranking the remaining queue items anyway. Everything else is "lower priority".