System and method for register renaming with register assignment based on an imbalance in free list banks

A free list in processor includes multiple banks for indicating availability of register identifiers used for register renaming. A register rename unit receives one or more destination architectural registers to rename with physical register identifiers. Responsive to determining the multiple banks within the free list are unbalanced with available physical register identifiers, one or more returning physical register identifiers are assigned to the destination architectural registers before assigning any physical register identifiers from any bank of the multiple banks with a lowest number of available physical register identifiers. A returning physical register identifier is a physical register identifier that is available again for assignment to a destination architectural register but not yet indicated in the free list as available. Each of the banks includes a single bit width decoded vector for indicating availability of given physical register identifiers.