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The art of the free transfer - and why Real Madrid are the masters of it
If 'the best things in life are free' then clearly nobody told the 20 Premier League clubs, who spent an eye-watering £3.1bn this summer.
The top tier of English football is in a unique position. As the Premier League's popularity and profits have grown, the money awarded to clubs competing in it far outweighs that of their European counterparts.
But Real Madrid once again proved this summer that money can only do so much.
There can be little doubt that when it comes to acquiring world-class talent for nothing or next to nothing, the Spanish giants are in a league of their own.
When Los Blancos signed Trent Alexander-Arnold from Liverpool for 10m euros (£8.4m) in June, the fee was just to accelerate the move so he could be registered in time to play in the Club World Cup.
That signing meant for the fourth time in five years Real Madrid had won the free transfer lottery after signing David Alaba in 2021, Antonio Rudiger in 2022, Kylian Mbappe in 2024 and Alexander-Arnold, who would have joined for free if Real had decided to wait, in 2025.
What makes their hoard even more impressive is that they have signed talent from their biggest European rivals in Bayern Munich, Chelsea, Paris St-German and Liverpool respectively.
La Liga commentator Phil Kitromilides told BBC Sport that when the 36-time champions of Spain come calling it's almost impossible to ignore them.
"It doesn't matter where you come from, it doesn't matter who you played for before. It doesn't matter who your team was when you were growing up as a kid, this is it. This is the biggest thing you will ever do in your career," he said.
Take Trent for example - he was playing for his boyhood team [Liverpool]. He wouldn't have done this for any other club but Real Madrid. It's the allure, the grandeur.
The fact Real Madrid sign these players for nothing is not the surprising factor. What's intriguing is more often than not the players are aware the La Liga club perhaps can't afford or are maybe unwilling to pay the asking price for them.
However, they are so keen to join they are willing to run down the final year of their current deals to make it happen.
Real Madrid have a long and illustrious history of winning major trophies - and the same can be said for landing a prized free agent, notably dating back to 1988 when German international Bernd Schuster famously left Barcelona to ply his trade at the Bernabeu.
Add to the list Steve McManaman, Michael Laudrup and Fernando Morientes - a few other names who've made the move for free.
Kitromilides added: "[In Madrid] second is nothing, absolutely nothing. The club has a relentless desire to win everything, every single possible trophy. This philosophy has helped them to build an aura of mystique. That is what's helped convinced big-name players to run down their contracts at big clubs."
Monday's transfer deadline day saw the likes of Jamie Vardy and Victor Lindelof join new clubs for free, but arguably the biggest free transfer this summer in Europe saw prolific scorer Jonathan David join Juventus from Lille.
The Canadian striker's agent Nick Mavromaras explained to BBC Sport that several clubs across Europe were vying for his client's signature.
"It was an exciting but also a nervous time," he said. "Indirectly, you have conversations with clubs all the time. Offers no, not before six months.
We had aggressive wage expectations. I think some clubs found them extremely excessive, especially in the Premier League, but in the end we found exactly what we wanted with Juventus.
Despite making it clear he would not sign a new contract, David left Lille on relatively good terms. The same can't be said for his team-mate Angel Gomes, who was omitted from the team after making it clear he wouldn't be renewing his deal, while David kept his place in the team which competed in last year's Champions League.
Of course a player becoming a free agent isn't without its woes.
There's the disgruntled club chairman who may have dreamed of what could have been done with any transfer fee; the team's manager who's now potentially without a key player.
And of course the supporters, who no doubt waited with bated breath at each stage of the contract renewal talks which eventually resulted in no deal being struck.
The player appears to be the real winner in such a situation but as football agent Liam Bowes told BBC Sport, it's never as straightforward as it appears.
"The minute said player makes a decision not to renew, it's a calculated risk - they are gambling with their career. And the bigger the talent the bigger the gamble.
Everything could change, let's say the new club comes under new ownership or management, maybe you're suddenly not part of their plans. Maybe they don't qualify for a competition and their budget changes. All those things play a part.
Liverpool signed striker Alexander Isak from Newcastle United on deadline day for a British record transfer fee of £125m, after a saga that dragged on all summer.
The element of surprise very rarely plays a part in modern football transfers, a pity says agent Sky Andrew, who brokered the last free-agent deal that shook the foundations of the football world when Sol Campbell moved from Tottenham to Arsenal in 2001.
I said to him that you honour your contract," Andrew said. "Then you can look if someone offers you something that is better than what you've already got.
Former England captain Campbell's switch between Spurs and the Gunners is still considered one of the most sensational transfers in Premier League history.
What added to the drama was only a handful of people knew about the deal until a news conference was called.
Speaking 24 years on from that infamous saga, Andrew told BBC Sport he's surprised that players who honour their contracts are still sometimes considered the villains in the situation.
"It's hypocritical for anybody to criticise a player that honours the contract because the player's got a job to do, play football," said Andrew.
"Footballers are often just pawns in a very big game of chess. You've got agents, managers, directors all deciding on the players' fate and players very seldom have control of their destiny.
"If a player honours their contract they get criticised. If they want to leave a contract early they get criticised. The narrative has to change," Andrew said.
As for any fans still on free agent watch, Dele Alli has left Serie A club Como after his contract was terminated, while the likes of former Manchester United midfielder Christian Eriksen and Chelsea's 2021 Champions League-winning captain Cesar Azpilicueta are still without a club.
Admittedly they aren't names likely to shake the foundations of the football summer transfer window - but maybe that will come next summer.
Free agents in 2026 include Manchester City duo Bernardo Silva and John Stones, Arsenal's Leandro Trossard, Dayot Upamecano of Bayern Munich and Barcelona's Frenkie de Jong.
Elsewhere in the Premier League, two players in the final year of their contracts to keep an eye out for are Liverpool centre-back Ibrahim Kanoute and Crystal Palace captain Marc Guehi, after his deadline day move to Liverpool collapsed.
Both names have been linked with... who else? Real Madrid.
Few would be surprised if either of them followed in Alexander-Arnold's footsteps and ended up the Spanish capital.
Source: BBC
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