-Despite the exciting recent research on perovskite based solar cells, the design space for further optimization and the practical limits of efficiency are not well known in the community. In this manuscript, we address these aspects through theoretical calculations and detailed numerical simulations. Here, we first provide the detailed balance limit efficiency in the presence of radiative and Auger recombination. Then, using coupled optical and carrier transport simulations, we identify the physical mechanisms that contribute towards bias dependent carrier collection, and hence low fill factors of current perovskite based solar cells. Curiously, we find that while Auger recombination is not a dominant factor at the detailed balance limit, it plays a significant role in device level implementations. Surprisingly, our novel device designs indicate that it is indeed possible to achieve efficiencies and fill factors greater than 25% and 85%, respectively, with near ideal super-position characteristics even in the presence of Auger recombination.