I thought I was arguing that they were on a clear upward curve - becoming more coherent, more structured, and finally playing football that matched their talent. Then they collapse for a game and the whole narrative snaps back the other way.

They're 8 points behind Arsenal, which isn't ideal, but they're still a young side showing real positives. BlueCo made a mess early on after taking over from Abramovich. They've thrown a lot of money at the squad since, and we'll get to why that matters. But on the pitch, they're climbing with the youngest side in the league by minutes played, which is genuinely exciting.

Their xG difference per match is +0.47, third best in the league, though still miles behind Arsenal and City. That number comes from a strong attack and a defence that's shakier than the raw goals suggest.

In truth, that profile is similar to last season. Under Maresca, the team's strengths and weaknesses are pretty stable. They'll rise or fall based on personnel more than system. We saw what happened when he heavily rotated against Leeds. So it's worth looking at how the players have shifted year-on-year.

Levi Colwill played most of last season but hasn't featured at all due to an ACL injury. Chalobah has stepped in regularly, with Tosin and Fofana rotating beside him. Full backs haven't changed much - Cucurella is nailed at left back, while James and Gusto split time on the right. Caicedo and Enzo Fernández were near ever-present last season. They still play a lot, but now often with a third midfielder, because James has taken on a hybrid role. That's only been possible since Cole Palmer, who insists on playing as a 10, has been injured so often. Now that Palmer's back, things behind him could shift again.

In attack, it's chaos. Madueke, Sancho, Nkunku, and Jackson are all gone one way or another. Neto is the only attacker who has significant minutes in both seasons. The club hasn't been able to settle on a consistent front line. João Pedro and Neto play the most, while Estêvão, Garnacho, Gittens, and Delap drift in and out. The silver lining is obvious: everything should look cleaner with Palmer back at the center of things.

Depth is the biggest concern. Even fully fit, Chelsea struggle to field a stable, balanced midfield. Caicedo, James, and Enzo badly need an energetic, reliable rotation option. Maybe Andrey Santos becomes that, but even then they're one short, especially if James needs to spend more time at right back. Up front, the young core is promising, and they probably don't need a big veteran signing to disrupt the chemistry. At the same time, Delap simply isn't at the level required, and he's rarely available anyway. But given how many players they've already bought, this brings us to the inevitable topic.

The Premier League is replacing PSR with a "Squad Cost Ratio" rule that caps squad spending at a percentage of revenue. If Chelsea stay in Europe, they get a 70 percent cap. Under last year's numbers, they'd have been at 81 percent - missing the target by 11 percent. They dodged PSR via asset sales like the women's team. None of that counts under SCR.

They'd need to exceed the limit by 30 percent to face direct sporting sanctions, and the buffer shrinks with repeat offences. BlueCo might happily pay initial fines, but long term they'll need to fit under the cap. Which is why I think the era of relentless spending is ending. Not austerity, just more targeted moves instead of hoovering up every promising teenager they can find.

Since the takeover, the strategy has been to buy young players who will either become elite starters or valuable assets. But there has to be a pivot at some point. A sustainable plan would involve picking a handful of players in the 23–26 range who can elevate the current core rather than replace it.

That's why this past summer felt so odd. Instead of adding two or three players closer to their primes, Chelsea once again gambled on youth. Personally, I'd aim for three or four targeted signings next summer - a proper midfielder, a forward, and maybe one more piece - all in that mid-20s bracket. I'd give Maresca the full season. If nothing changes, find someone who can bring a more coherent style and unlock the value already in the squad. Then set a real target: challenge for the title in two to three years. Build a squad that peaks together.

Stop chasing more kids. Trim the squad where needed. Stay inside the financial rules. Build something concentrated, not sprawling.

But whether BlueCo see it that way is anyone's guess. It feels obvious from the outside, but they're playing their own strange version of chess. All we can do is wait and see.

written by: kazani.eth