Premier League clubs spent a record £3 billion ($4 billion) in a summer transfer window that smashed the previous record of £2.36 billion ($3.2 billion) from two summers ago.
So will January follow the same pattern? Here are grades for all the major confirmed transfers in the men’s game, with each listed by date and then by highest fee.
All fees are reported unless confirmed with an asterisk.
Jan. 2
Tottenham Hotspur: A
Crystal Palace: B-
Johnson enjoyed two productive seasons with Tottenham, relying on two key traits — speed and scoring goals at the back post — to carve out a role under then-manager Ange Postecoglou that culminated in him scoring the winner in the Europa League final. But since Thomas Frank took the reins in June, the Wales international has fallen down the pecking order, making just eight starts in the Premier League and Champions League.
Crystal Palace is a nice landing spot for him. The Eagles are in desperate need of players — they have a small squad which is now being squeezed by injuries, absences and an absurd schedule — and Johnson’s counter-attacking pace suits the manager’s style.
Pablo
€21m (£18.3m; $25m)
Gil Vicente: A
West Ham: B-
West Ham are betting on the hot hand here. They’re in the thick of a relegation scrap and need to find goals fast, so they’ve turned to a man who could barely be running hotter. Pablo has scored 10 goals from just 13 shots on target in the Portuguese Primeira Liga, a frankly ridiculous return, and he’s overperformed his xG ever since joining Gil Vicente in 2024. But has absolutely exploded this term.
The Brazilian will do extremely well to keep this up at Premier League level, but at the very least brings other skills to the table: He is a physical, hardworking forward who wins lots of fouls and poses a constant threat at set pieces — and, at 22, he has plenty of room to grow.
West Ham: D
AC Milan: A
Add Füllkrug to the long list of West Ham strikers who simply have not worked out in the past 10 years. Injuries tore up his 2024-25 campaign and he has struggled to find a footing ever since. The Hammers will be happy to have his wages off the books, but the problem with this deal from their perspective is there’s no finality to it: If Milan don’t take up the €5 million permanent option, they’re back to square one.
Milan have taken advantage of this to strike a cheap, short-term, no-risk deal. The Germany international will bolster the squad in attack, suit Max Allegri’s style of play and be happy to impact off the bench — if he can stay fit enough to make the matchday squads.
Jan. 1
Alysson
£8.7m ($11.7m)
Grêmio: C+
Aston Villa: B+
Alysson is an exciting attacking prospect; a right-footed left winger with good one-vs.-one skills and a willingness to put in a defensive shift. This move comes very early into his career, but Gremio’s extreme financial difficulties presented a market opportunity for the Premier League club to pounce upon.
The Brazilian’s profile is one that Aston Villa are sorely lacking heading into 2026, so making the move for him makes sense. The only question is how soon he’ll be able to contribute to the first team, given the step up he’s making is huge.
Real Madrid: A
Lyon: A
January’s first major deal was one that suited all parties perfectly. Endrick played a paltry 99 minutes in all competitions for Real Madrid in the first half of the season, slipping down to the position of fourth-choice striker at best. For the 19-year-old to develop, and to potentially nab a spot in Brazil’s 2026 FIFA World Cup squad, he needs to play much more.
Lyon are the happy recipients of Endrick’s talents on a temporary basis. Reports suggest they’ll pay half his wages and are contractually obliged to play him in lots of games. For a club whose top-scoring No. 9 in Ligue 1 this season has just two goals, it’s an exciting acquisition.
