Five days is an unusual length for a sporting contest, and it was not chosen arbitrarily. It is the shortest span that reliably produces a result under the format's own rules.
A result requires twenty wickets
A Test is won by dismissing the opposition twice. Bowling out a competent side once takes a substantial part of a day, and doing it four times over needs real time.
Anything shorter increases the chance that a match simply runs out of time with wickets still standing. The format would then reward defensive batting above all else.
Five days gives roughly enough overs for four innings when the contest is reasonably even, which is the condition the length is built around. Lopsided contests finish early, and the format tolerates that.
Open-ended matches were tried and abandoned
Matches were once played to a finish with no time limit, which guaranteed a result but produced extraordinary lengths.
The practical problems were touring schedules and travel. A match that would not end left teams stranded and made itineraries impossible to plan.
Fixing a limit traded the guarantee of a result for the guarantee of a schedule, and the draw became an accepted outcome rather than a failure.
The pitch is a clock of its own
A cricket pitch is a prepared surface that degrades under use. Cracks open, the surface loosens, and bounce becomes less predictable.
That deterioration is what makes the later days different from the first. Spin bites more, and batting last is generally harder than batting first.
Five days is long enough for the surface to change substantially, which is what gives the format its distinctive shape and its shifting balance of advantage.
Over rates set the real budget
A day's play is defined by a target number of overs rather than by hours alone, so the practical resource is deliveries, not time.
Slow over rates therefore eat directly into the match. Sides that bowl their overs slowly reduce the chances of a result, which is why penalties exist.
Weather does the same thing without any fault attached, and a washed-out day removes a fifth of the available cricket outright. A rain-hit match therefore drifts toward a draw regardless of the cricket played.
The length shapes how the game is played
Because time is finite but generous, captains can afford to build pressure over sessions rather than chase quick breakthroughs.
Declarations exist only because the clock matters. A captain gives up batting time to buy bowling time, a calculation no shorter format requires.
Remove a day and that entire layer of strategy disappears, which is the strongest argument the format's defenders make for keeping it. Time pressure is what obliges a captain to take any risk at all.

