Running analysis and grades for every major January transfer
Clubs are working feverishly in the January transfer window, and we're evaluating every major move they make. We'll grade the biggest signings as they happen until the window closes Feb. 2. Deals are listed by date.
👉 Latest transfer news and rumors
Jan. 14
💰 Details: €40M transfer
Tottenham - Grade: B
Tottenham reportedly wanted to sign Gallagher during the 2023-24 season when he was still a member of London rivals Chelsea but, for various reasons, couldn't make the move happen and had to watch one of their primary targets go to La Liga instead. Points, then, for perseverance. Spurs have eventually managed to add their man, signing a 25-year-old English international who should feel immediately comfortable returning to the Premier League and his homeland. They probably overpaid a smidge, but the fee isn't completely unreasonable by today's standards.
The more glaring question is about tactical fit. Tottenham's midfield is a mess at the moment. Their two most inventive playmakers in that area (Dejan Kulusevski and James Maddison) and arguably their most consistent performer (Rodrigo Bentancur) are all sidelined due to injuries. Gallagher's a tenacious and athletic midfielder with an incredible engine - he simply never stops running - but he doesn't solve Spurs' lack of open-play creativity in any real way. However, he can immediately slot in for Bentancur and provide a box-to-box presence who will inject some energy into Thomas Frank's side. For a team sputtering right now, that still makes the move worthwhile overall.
Atletico Madrid - Grade: A
It's a little astonishing that Gallagher wasn't an absolute smash hit who became a staple of Diego Simeone's team for multiple seasons; a dogged and indefatigable player like Gallagher is, on paper, absolutely tailor-made for the pugnacious Argentine bench boss. In the end, though, his stint in the Spanish capital lasted just 18 months.
He was a key member of the Atleti squad last season, starting 19 league matches and immediately endearing himself to supporters with his all-action style, but several significant additions this past summer created intense competition for minutes and eventually crowded him out. The arrivals of Alex Baena and Nico Gonzalez gave Simeone more attack-minded options who could play higher up the field, often leaving just two central midfield slots available in his preferred XI. And those were often taken by club captain Koke and academy product Pablo Barrios; Gallagher started just four league games this season for Atletico. That they were able to recoup almost all of the €42 million they paid Chelsea to sign him in the first place is good business.
Jan. 13
💰 Details: Loan until end of season
Barcelona - Grade: A-
Barcelona, pounded by defensive injuries this season, needed reinforcements at the back to continue their title quest. A center-back would've been more helpful - that's reportedly what Hansi Flick wanted in January - but Cancelo's return to the club should allow Jules Kounde to slide into his more natural role in central defense while the versatile Portuguese international slots in at either left- or right-back. The well-traveled 31-year-old, who's back at the Camp Nou after having spent the 2023-24 season on loan in Catalonia, wanted to join Barca over Inter Milan this month and pushed hard for the move, which speaks to the club's continued desirability. Though he's always been a defensive liability, Cancelo is still an excellent attacking full-back who adds yet another skillful element to Flick's squad.
So, what's stopping Barca from getting a better grade here? They shouldn't have been in such a position of need to begin with. They made the bizarre decision to allow Inigo Martinez to leave prior to the season, which immediately left them heavily dependent on the oft-injured Andreas Christensen to stay fit to ensure their backline didn't get stretched dangerously thin this year. And - surprise! - the Danish center-back is currently sidelined for roughly four months with an ACL injury. Who could've possibly seen that coming? It all worked out in the end, but while the result is fine, the process was questionable.
Al-Hilal - Grade: C-
First, a disclaimer: Saudi clubs are a unique beast in the sport's ecosystem. You simply can't pass judgment on the financial aspect of any deal like you would for a "normal" team when money is no obstacle (to put it mildly) for the collection of sides, including Al-Hilal, bankrolled by the kingdom's Public Investment Fund. But it's a strange deal nonetheless. They're ditching a Portuguese international, and one of their more noteworthy recent additions, for nothing. Al-Hilal are actually helping to cover some of Cancelo's wages while he's gone for six months.
The only thing stopping them from getting a lower grade is the fact that they seemingly don't need Cancelo at all right now. He's played just two Saudi Pro League matches this season, and Simone Inzaghi's team still sits atop the division with an undefeated record.
Jan. 9
💰 Details: £62.5M transfer
Manchester City - Grade: A
One of the earliest splashes of the window could also end up being the largest. Manchester City, already blessed with more attacking depth than most, reached into their seemingly unlimited bag of cash to add one of the Premier League's most explosive wide forwards. Do they need Semenyo? Probably not. Another center-back is, frankly, a more obvious necessity. But the Ghanaian international, third in league scoring this season with 10 goals, provides another direct, relentless, two-footed attacking threat and should fit like a glove with the current iteration of Pep Guardiola's team. Man City are playing a quicker, more vertical game than ever before under the Catalan bench boss; their average of 1.14 shots per match from fast breaks this season is the highest since Guardiola's arrival.
How Guardiola utilizes Semenyo will be fascinating. The 26-year-old operated most often on the left wing for Bournemouth but is equally comfortable on the opposite flank. That gives Guardiola the option to play Semenyo and Jeremy Doku together - a terrifying prospect for opposing full-backs - or use one as an impact substitute who can punish tired defenders off the bench while Rayan Cherki or Phil Foden provide more control and possession in central areas of the pitch. Semenyo, who had the fourth-most goal involvements in England's top flight in 2025, will also take some of the scoring burden off Erling Haaland's shoulders. The fee itself is hefty, but based on recent deals, that's roughly the going rate for proven Premier League forwards in the prime of their careers.
Bournemouth - Grade: B-
Bournemouth have turned an enormous profit on a player they signed from Bristol City for an initial £9 million in 2023. Sound familiar? Semenyo's sale follows the blueprint firmly established last summer when they flipped each of Dean Huijsen, Illia Zabarnyi, and Milos Kerkez for huge windfalls. Strictly as a business operation, this is another masterstroke from a modest club building a reputation for being exceptionally shrewd transfer operators. But balance sheets, critical as they are in the age of Financial Fair Play, don't win football matches. Players like Semenyo do. Andoni Iraola is an outstanding manager, but he's starting to feel the talent drain; Bournemouth already sit 15th in the Premier League, and they just sold their best player in the middle of the season. The Cherries are lucky that the league has three genuinely terrible teams that appear to be locks for relegation. Otherwise, such a sale could've been a death blow.
Going forward, Bournemouth are putting a lot of faith in the potential and internal improvement of 19-year-old Eli Junior Kroupi to help fill the void left by Semenyo's departure. Early signs are promising, but the Semenyo funds need to be properly reinvested to truly make this move worthwhile. Following the aforementioned sales of three vital defenders in the summer, Bournemouth have one of the worst backlines in the Premier League in terms of expected goals and actual goals conceded. If the attack also craters without Semenyo, they could be in big trouble sooner than later.
Jan. 5
💰 Details: €29M transfer
West Ham - Grade: C
West Ham needed something - anything, really - to rescue a disastrous season that's threatening to end with relegation. The Hammers have been in England's top flight since 2012 but are currently in the drop zone, well adrift of safety and in serious danger of falling into the Championship. Against that backdrop, any warm body should help, right? Well, not exactly.
Castellanos arrives, at no small expense, amid an entirely underwhelming campaign that's also been disrupted by injury. The Argentine striker, 27, scored just two Serie A goals for Lazio this season prior to his transfer. In total, he found the net 22 times in 98 games after joining the Italian club in 2023. Nothing about that screams "relegation savior." Castellanos was apparently handpicked by manager Nuno Espirito Santo, which is curious because, by all indications, the Portuguese tactician is in serious danger of being sacked. If Nuno is dismissed, where does that leave Castellanos? West Ham's recent transfer dealings have been largely awful, and this could be the latest in a string of questionable moves.
Lazio - Grade: B+
Lazio are sputtering in Serie A, sitting firmly mid-table amid an uneven campaign. They have one of the more stout backlines in the league but can't score goals; at the official halfway point of the season, nobody on the team had more than three league tallies. Viewed through that lens, selling your only true No. 9 looks like an asinine decision.
But Castellanos' output simply wasn't moving the needle for the Rome-based club. He's a hard worker who presses well and shows good willingness to drop deep and link up with his teammates but, ultimately, couldn't find the net consistently enough in Italy; Castellanos underperformed his expected goals totals in each of his two full seasons with Lazio. Despite those numbers, the Biancocelesti managed to make a modest profit by shipping him to a desperate West Ham side.
Jan. 2
💰 Details: £35M transfer
Crystal Palace - Grade: B+
Crystal Palace broke their transfer record to acquire Johnson, eclipsing the £27 million they paid to sign Christian Benteke in 2016. It's a big swing but one that makes sense for a thin and increasingly overworked squad that's feeling the strain of injuries and a loaded schedule.
Oliver Glasner needed another forward capable of correcting his team's finishing woes. The Eagles generate chances at a solid rate - they're in the top third of the Premier League in expected goals - but are one of the lowest-scoring teams in the division. After striker Jean-Philippe Mateta, Palace's highest scorers in the league this season are Daniel Munoz and Ismaila Sarr, who've found the net three times apiece. Johnson, who finished as Tottenham's top scorer last season with 18 goals across all competitions, should help rectify some of those issues. His injection of pace and dynamism will also prove useful, especially as Glasner continues to seek ways to replace the production of Eberechi Eze.
Tottenham - Grade: C+
Tottenham signed Johnson in 2023 from Nottingham Forest for nearly £50 million. Spurs have struggled recently to sell players at the height of their value, but this feels like an overcorrection given the circumstances. Yes, Johnson had fallen out of favor with Thomas Frank and dropped down the pecking order since the Danish manager's arrival, starting just six league matches under Frank. But taking a financial loss on a talented 24-year-old forward who was your most prolific scorer last season and delivered the Europa League-winning goal to end your exhausting title drought? That's a bad business deal, no matter how you slice it.
Spurs got terribly unlucky when Mohammed Kudus, the man primarily responsible for displacing Johnson in the starting lineup, was ruled out for three months with a leg injury almost immediately after the Welsh international was sold. Hindsight is obviously 20/20, and you can't predict the future, but Tottenham could come to regret this one.
Dec. 29
💰 Details: Loan until end of season
Lyon - Grade: A
Lyon, chasing a Champions League spot in France's top flight, need a more prototypical No. 9 to infuse some scoring prowess into a squad that's found the net by committee this season. Lyon have plenty of versatile attacking midfielders and wide forwards, but their most recognizable striker, Martin Satriano, has only two Ligue 1 goals this season. Endrick, whose loan will reportedly cost just €1 million in addition to half his wages being covered, should instantly assume a starting role.
The 19-year-old has an obvious motivation to succeed, too: He's looking to earn a spot on Brazil's squad for this summer's World Cup. Endrick hasn't been called up for the Selecao since Carlo Ancelotti took over in May, and the only way he'll break through is by shining at Lyon over the next six months. He was one of the sport's most coveted prospects when he arrived in Europe from Palmeiras and now has a great chance to remind everyone why.
Real Madrid - Grade: A
This could end up being the clearest example of a deal that works out perfectly for all three parties: buying club, selling club, and player. Endrick played just 11 minutes in La Liga this season under Xabi Alonso. In addition to superstars Kylian Mbappe, Vinicius Junior, and Rodrygo, the teenager was surpassed on the attacking depth chart by the likes of Brahim Diaz, Franco Mastantuono, and breakout youngster Gonzalo Garcia, who's quickly earning Alonso's trust as a versatile option up front with serious scoring chops.
Real Madrid invested a lot to sign Endrick. The deal that brought him over from Brazil could reportedly end up being worth €72 million in total. Simply letting such an expensive prospect rot on the bench would be horrible asset management; the only way he'll improve and deliver the expected return on that outlay is to play. A paid loan to another top-five league is a perfect solution. Everybody wins.