The dust has settled on the January transfer window which, for Chelsea, was more about outgoings than new additions to Enzo Maresca’s squad.
In all, six first-team players left the club, either permanently or on loan: Renato Veiga, Cesare Casadei, Joao Felix, Ben Chilwell, Carney Chukwuemeka and Axel Disasi. Harvey Vale, who had made occasional first-team appearances this term, also joined QPR.
By contrast, only Trevor Chalobah’s recall from Crystal Palace and the deadline-day signing of teenage midfielder Mathis Amougou swelled the ranks at Cobham.
So what did we learn from Chelsea’s transfer activity (or lack of it) with a view to the summer window?
It was not just that Chelsea did not spend heavily in January, but that they never felt likely to, with interest in Marc Guehi and Alejandro Garnacho not progressing.
Though they actually made fewer signings last January (i.e. none at all), then the sense was that PSR was the chief restraint and had, say, Conor Gallagher been sold during that window, the club may well have gone into the market again.

Chelsea had interest in Alejandro Garnacho but did not progress a move for the Manchester United forward
Martin Rickett/PA Wire
This time around, Maresca stressed from the outset that he was happy with his squad, only really hinting at a need to strengthen at centre-back when Wesley Fofana and Benoit Badiashile were hurt. Chalobah’s recall plugged that gap and exits were more to do with players unsettled by a lack of playing time than a need to generate cash.
So, it seems, Chelsea are keeping their powder dry for the summer, when marquee additions will be required. A new goalkeeper and centre-back are likely to come in, given Robert Sanchez’s struggles and Fofana’s poor injury record, and a statement signing at centre-forward will be back on the agenda.
Champions League planning
With the cull of a bloated squad executed during last summer’s window, this month the process continued in more subtle fashion, but continued nonetheless.
Chelsea now have 30 first-team players listed on their club website, compared to 43 in mid-August.
The current list includes four goalkeepers and four players – Aaron Anselmino, Omari Kellyman, David Fofana and Amougou – yet to play a minute this season, as well as recent academy graduates Tyrique George and Josh Acheampong and the provisionally suspended Mykhailo Mudryk.

Enzo Maresca’s core squad is now of a more conventional size
Chelsea FC via Getty Images
In other words, Maresca’s core group is now of a more conventional size (and perhaps even too thin in one or two areas).
The Italian managed to keep an abnormally large squad something close to content during the first half of the season thanks to Chelsea’s novel participation in the Conference League group stage, but there was always an awareness that that would not be sustainable long-term.
He may still rotate in the knockout stages this season, albeit less completely, but Chelsea’s numerical fine-tuning suggests they are planning for Champions League football next season, when there will be far less scope to share minutes around.
Loan picture likely to get complicated
The caveat is that plenty of that trimming was temporary, with only Casadei and Vale leaving in permanent deals.
Chelsea have 15 senior players now out on loan and while they will hope to generate sales for some, plenty will be back at Cobham in the summer facing uncertain futures.
Indeed, none of the loan deals struck in January included obligations to buy, though Borussia Dortmund have an option on Chukwuemeka.

Aaron Anselmino is one of the Chelsea youngsters who may need a move to get playing time
Chelsea FC via Getty Images
Deadline day offered a reminder of the complexities the loan system has taken on since FIFA introduced fresh restrictions a few years ago, in part to stop clubs like Chelsea from stockpiling masses of young talent and farming huge numbers of players out on loan.
The Blues had to recall Caleb Wiley and Fofana from overseas loans to free up slots for Felix and Chukwuemeka’s moves and may well face a similar logjam in the summer.
Already, there are reports that Amougou will be sent to Strasbourg to develop next season, while Anselmino is another youngster who may need a move to get playing time.
They will not be alone and finding solutions to suit every surplus player will be a serious logistical undertaking once more.
Players playing for their futures
While a number of Chelsea’s second-string did secure January exits in search of more playing time, there were a couple of men heavily linked with moves who ended up staying put.
Chief among them was Christopher Nkunku, who attracted interest from Manchester United and Bayern Munich that may well be revisited in the summer.
There was speculation, meanwhile, that Kieran Dewsbury-Hall could leave only half-a-season after signing from Leicester, having failed to make an impact at Stamford Bridge.

Christopher Nkunku attracted interest from Manchester United and Bayern Munich in January
Chelsea FC via Getty Images
Both players are playing for their futures over the next six months, whether that means trying to force a way into Maresca’s first-choice side or convincing suitors that they are worth the significant fees Chelsea will likely demand.
What is intriguing about Chelsea’s business in January, though, is that it has paved the way for both players to get plenty of opportunity.
With Felix gone to AC Milan, Nkunku is now the backup to Cole Palmer at No10, as well as Nicolas Jackson at No9.
Moves for Veiga, Casadei and Chukwuemeka, meanwhile, have cleared the picture for Dewsbury-Hall among the reserve central midfielders.
Maresca approach to nurturing young talent
Lastly, Maresca came into January insisting that his most exciting young talents were best continuing their development at Cobham and stayed true to his word.
Acheampong and George, promoted to the first-team during the first-half of the season, go into the second half of the campaign likely to play significant roles, as does Marc Guiu.

Josh Acheampong is likely to play significant role for Chelsea in the second half of the season
Chelsea FC via Getty Images
The top scorer in the Conference League had loan interest in his native Spain, but has been used with increasing regularity off the bench in the Premier League in recent weeks and Maresca says he is getting better “day by day”.
Maresca, of course, comes with experience at Manchester City, where Pep Guardiola took a similar approach to the development of players like Palmer, Phil Foden and Rico Lewis.
It bodes well, given this summer he will inherit one of Brazilian football’s brightest young talents in Estevao Willian, the teenager who has already agreed to join Chelsea from Palmeiras.
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