Clubs spent nearly €1.5 billion less ($1.9bn) in summer 2020 than they did over the same period in 2019, according to FIFA, while Deloitte reported a 50% drop in activity across January 2021. However, there are still going to be plenty of loans, swaps, free transfers and even some permanent deals to keep an eye on.
Here are grades for all the major summer deals, with each day listed in order of highest transfer fee. All fees are reported unless confirmed with an asterisk (*).
July 1
€42.5m ($51m)*
RB Leipzig: B+
Bayern Munich: A
With a release clause inserted in their contract, Leipzig could not do much to stop their star defender from leaving. Upamecano is only 22 years old, but has become one of Europe's best young players after joining FC Salzburg in 2017 for around €10m. The club has made its peace with letting him go and will move on.
Bayern have put themselves ahead of the rest of the top clubs in Europe to land the Frenchman and should be very pleased. He is still developing but should be a great addition to their multi-talented squad as he was one of the most iconic players this transfer window.
€41.5m ($50m)*
RB Leipzig: B+
Liverpool: A
Another Leipzig star whose contract includes an achievable release clause. Like Upamecano, Konate did not last long at the club before moving to one of Europe's top teams. Leipzig did well to receive a large transfer fee and could rebuild with it.
One of Europe's top young defenders, Upamecano has grabbed most of the headlines, but Konate equally deserves a big move. Liverpool have struggled this season but must be prepared for the future if the 21-year-old can take the field in England running and remain injury-free.
€28.5m (£24m/$34m)
Chelsea: B
Milan: B+
After joining the team last season, Tomori no longer favored then-manager Frank Lampard and his days were numbered when Thomas Tuchel returned Antonio Rudiger to the team. Chelsea can use the money for their new signing and his exit doesn't affect their defensive depth at all.
A rare example of a loan from Chelsea working well for all concerned. Tomori impressed during his six-month spell and is also a good deal for Milan with a potential bag of €28.5m for the 23-year-old.
€18.5m ($21.5m)*
Schalke: C
Juventus: A-
Schalke's relegation after a disappointing season ensured that the move would always be on the cards. His loan to Juventus in August 2020 came as a surprise, and the German club may regret not holding him to help in their fight against the drop. However with the payments to Schalke split over three years, he has secured his financial future and could receive an additional €6.5m in add-ons.
Juve have managed to get the best out of the United States midfielder and have impressed enough to earn themselves a deal by June 2025. Manager Andrea Pirlo says he is now "more professional than he was when he arrived" and his fitness and concentration levels have improved. He will only go from strength to strength at one of the top clubs in Europe.
€18m ($21m)
Man City: B
RB Leipzig: B
"There's a big difference [between Man City boss Pep Guardiola and Leipzig's Julian Nagelsmann]: one gave me confidence and played me, and the other didn't. [Guardiola] killed me. Confidence is everything to me." The quote refers to Angelino's time at the city, with the former Spain U21 international signing in 2013, but spending most of his time on loan. He left for PSV in 2018 and eventually started showing his skills, but City used their buyback clause to return him to Etihad, where he was loaned again.
Fortunately, the 24-year-old had two impressive loan spells at Leipzig, enough to convince him to sign him permanently. City got a decent fee, while Leipzig got a player who proved himself to be an important part of their team. We expect no buyback clause is involved this time around.
€15m ($18m)
Strasbourg: C
RB Leipzig: B+
After failing to make the grades at the Marseille youth academy, two impressive seasons in Strasbourg's first team showed Simcan was ready to make the move. He's still raw and developing, but his style of defense is similar to that of Lillian Thuram, and one can't help thinking that Strasbourg could have been a little more out-there.
let a player sign his/her replacement for €42.5m and use the cash to sign his replacement for €15m; Transfers to Leipzig have been put on hold. The club beat competition from AC Milan by fielding the highly rated Simcan, who has bags of capacity and is still only 21. He is a born organizer who must help fill the void of Upmecano.
€13m ($16m)
Lille: C
AC Milan: B
After winning Ligue 1 this season, Lille's escape began with their star goalkeeper as Méganén moved to Italy. After building up a good reputation in France, the 6-foot-3 stopper gave up on the cheap as his contract was set to expire in 2022. Lily will struggle to replace him with a similar quality.
Milan moved quickly when it became clear that Gianluigi Donnarumma was not going to sign new terms. The 22-year-old Italy international will leave on a free transfer and will be replaced by Magnon. He won't win over fans like Donnarumma when he made his debut at the age of 15, but Magnon is a solid player who could help Milan recover from the loss of their biggest young star.
€6.75m ($8.1m)*
FC Dallas grade: A
Roma grade: B-
Reynolds moved to Roma on loan in January but has played only a few times since then. He's still only 19, so the €6.75m obligation (in an additional €5m add-on) is a lot of money to sign him and Dallas can be happy that they have hired him as his career progresses. How to bring He will be missed, but it is better for the player to move on.
Roma beats Juventus to U.S. right-back, and the club would provide him with a clear path to the first team. He's got a lot to learn and doesn't have a full article yet, but he has bags of potential, and Roma will be hoping he makes the same impact as American star McKennie in Turin.
£4.3m ($6m)
Estudiantes: B-
Man City: B+
A short, nimble, Argentine forward, Sarmiento has faced the unwanted distraction of being compared with the untouchable Lionel Messi in his youth career to date. He was handed his Estudiants debut in 2019 as a 16-year-old and since then has not looked back, impressing with his dribbling and straight running style. The club could hold him for a while to see how he develops, but he opted to take the money early.
It's a bit of a gamble for City and you can see that Sarmiento was sent on loan before making his way to the City first team. But the Premier League champions haven't spent much to sign the 18-year-old, so they could reap the prize if he falls half as fast as Messi.
Free
Inter Milan: B
With 172 appearances over the past four seasons, Calhanoglu has been a key player for AC Milan and his move to the club's city rivals, Inter, is a huge blow. At 27, the Turkey international clearly felt he deserved a better salary and Inter could do what Milan could not offer. He will improve his attack and the club has done well to transfer him for free. However wait until fans are allowed to return to the San Siro.
Free
PSG: B
PSG did well to land a quality midfielder like Wijnaldum from right under Barcelona's nose, and also on a free transfer. It is somewhat of a surprise that the Dutchman did not see a future for himself under Barca coach Ronald Koeman, but PSG would receive the award and Liverpool would be sad to see him go. He is not for the foreseeable future but could provide some much-needed experience to strengthen the midfield and help develop the club's young players.
Free
Barcelona: A+
After leaving Barcelona for City in 2017, Garcia made it clear he wanted to return to the Camp Nou and would not sign a new contract. His success came last season and he showed that he has everything it takes to become a top quality center for years to come. Barca have done well to get him off the ground for nothing and the 20-year-old will certainly blossom as Gerard Pique's successor.
Free
Barcelona: A-
With 260 goals in 389 games for Manchester City, Aguero is one of the best strikers to ever play the game. At 32, and with a struggle with injuries behind him, he has opted for a new challenge and still has a lot to offer. If his body remains stable, Barca will hope he has a similar effect on Luis Suarez, but his arrival could be more important in persuading fellow Argentine Lionel Messi to sign a new contract.
Free
Real Madrid: A+
Bayern will be furious that they haven't been able to convince one of their top defenders to sign a new contract, but the 28-year-old Alaba clearly had a new challenge on his mind. Madrid have built themselves into a world-class player who can serve in many different positions. They are paying him a lot in wages but the lack of transfer fees makes it totally worthwhile. If Sergio Ramos or Rafael Varane leave, the club has a natural replacement.
Free
Barcelona: B-
Depay has had a strange career: failed at Man United from 2015–17 but was ruling his career at Lyon. A reunion with manager Ronaldo Koman could help deepen Barcelona's squad, but even though he is still only 27 years old, his arrival could hinder the development of some young stars such as Trincao and Anu Fati. His larger-than-life personality isn't to everyone's taste, so it will be interesting to see how he settles down at Camp Nou. At least if that fails, he was signed for free.
Free
RB Leipzig: A
Any player who has gone through an exceptional Ajax youth academy usually has a good career. Brobie's goal-scoring record at youth level saw him scoring a total of 90 goals in 123 games during his time at the club, but he was tired of the lack of opportunities in the first team and opted to look at his contract before taking on a new challenge. . Germany. Leipzig could make itself a real star if it can continue this development. They are looking for a replacement for Timo Werner (after signing him for €53m to Chelsea last summer) and Brobie's versatility gives him an added dimension. At the age of 19, the forward has all the qualities to be successful.
Free
Bayern: B-
The former England U21 international left-back chose to be the latest young star to move to the Bundesliga after seeing his contract at championship side Reading. At 23, he has plenty of room to develop, but it's a bit of a gamble for Bayern. Clearly the German club were impressed by his technical prowess and ability to attack from the full-back role, but he would have to perform exceptionally well to oust Alfonso Davies from the team.
Free
Borussia Dortmund: B
It takes a lot of guts to switch clubs at the age of 17, but Coulibaly follows Dan-Axel Zagadou to join Borussia Dortmund from PSG and is a left-footed centre-back. PSG were unable to guarantee him a first team, so he opted to leave at the end of his contract, after suffering an ACL injury in training in mid-February. Coulibaly was helped in his development by fellow Frenchman Presnel Kimpembe and Dortmund will certainly be able to provide him with the opportunity he needs, if he can show he is up to the challenge. "I am grateful for my time at PSG, but it is the right move for me," he said. "I had other offers from other clubs, but I knew right away that Dortmund was the right choice for me."
June 30
€25m ($29.7m)
FC Salzburg: B-
Leicester: A
With 68 goals in 125 games for Salzburg, Daka has given everything to the club and helped them win the Austrian Bundesliga four times and Austrian Cup three. As their star player, Salzburg would have hoped to get a larger transfer fee, but COVID-19 put paid to that.
Leicester needed a long-term replacement for Jamie Vardy and the Zambia international certainly has the skills to make an immediate impact on the Premier League. Still only 22, he has room to improve and is another example of Leicester's fine transfer nous.