Premier League clubs increased their spending in this winter window to £370m -- up on the £100m paid out last year -- though Manchester City are chiefly responsible after splashing out £180m of that on their own.
We were nowhere near the 2023 record of £815m, but there were still some interesting deals around Europe.
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.
Feb. 3
NICO GONZÁLEZ
€60m (£49.88, $62m)
FC Porto: A+
Manchester City: B-
As usual, Porto showed why they are one of the kings of the transfer market. An €8.5m signing from Barcelona back in 2023, González has been moved on to City for a huge profit -- although Barcelona are due a large portion of the fee. No matter though; Porto will just do this all again with his replacement.
Man City needed a midfielder but only valued González's transfer at €40m before they eventually relented on deadline day to pay his €60m release clause. The 23-year-old is a good addition, who knows how to play in the style of a Pep Guardiola team, but it does feel like a bit of a panic move from City.
SANTIAGO GIMÉNEZ
€35m ($35.8m)
Feyenoord: B
AC Milan: B
Giménez notched goals for fun at Feyenoord, his strike rate better than one-in-two games over the course of 2 1/2 seasons at De Kuip. He's scored reliably in the Eredivisie, Europa League and Champions League and, at age 23, the time feels right for a big move.
AC Milan have gambled that he can take the big step up from the Netherlands, but even if the goal scoring doesn't come straight away, they can benefit from Giménez's other positive traits: He's a force in the air, a willing presser and a strong back-to-goal link player.
STEFANOS TZIMAS
€24m (£20m; $24.6m)
Nürnberg: B
Brighton: B
Tzimas has enjoyed a breakout season in the German second tier, scoring 10 goals from just 13 starts for Nürnberg. Brighton manager Fabian Hürzeler has called him an "out-and-out centre-forward with a natural ability to score goals" -- an assessment that's easy to agree with when you watch him chip the goalkeeper and finish off one-vs.-ones over and over.
At just 19 years of age he's certainly one for the future, a fact made clear by the fact he'll stay at Nürnberg on loan for the remainder of the campaign. On paper this looks like a huge fee for the German outfit, but the context is that they've paid €19m to sign him from PAOK, then move him on for €24m.
MATHYS TEL
Loan
Bayern Munich: B
Tottenham Hotspur: A
Bayern needed to get Tel some playing time and while they were willing to accept a €60m permanent offer from Tottenham, a loan deal with a €55m summer option will suffice.
Spurs deserve credit for not giving up when the 19-year-old first rejected their advances amid interest from Manchester United and Chelsea, among others. Tottenham boss Ange Postecoglou needed some depth up front and Tel is incredibly versatile and should be able to provide cover in a number of positions. A loan is a low-risk move and Spurs have landed one of the top youngsters in Europe.
Julien Laurens explains why he thinks of new Spurs signing Mathys Tel as the "complete package" when it comes to forwards.
JOAO FELIX
Loan
Chelsea: C-
Milan: B+
Another Chelsea player who was signed for around €50m and is now being sent out on loan. If the plan is to eventually recoup that fee, Felix is going to have to play very well at San Siro to attract another suitor, as Milan don't have an option to sign him permanently.
None of this is Milan's problem, though. They'll simply be delighted to borrow him for the second half of the season as they look to burst back into the Serie A top four.
BEN CHILWELL
Loan
Chelsea: B
Crystal Palace: B
It's been about 10 months since Chilwell started a game of competitive football and, after being completely frozen out by Blues boss Enzo Maresca this season, it's impossible to know what Palace are going to get here. At his best, Chilwell was a top-quality Premier League left-back -- but how close is he to that level now?
Chelsea have made it clear they don't want him, so having some of his wages covered while giving him a chance to rebuild his career is useful. Chilwell will just want to play. And perhaps Palace have one eye on the future here, given current left-back Tyrick Mitchell's contract is expiring in the summer?
MARCO ASENSIO
Loan
PSG: B
Aston Villa: B-
Asensio represents an injection of quality at a time of need for Villa. They've found themselves lacking an alternative to Morgan Rogers in the final third at times and were a man light in this area after loaning Emiliano Buendía out to Bayer Leverkusen.
The Spain international has fallen by the wayside a little in a PSG squad stacked with options, so they've allowed him out on loan so long as his wages are covered. This is the very definition of a quick fix for all involved, it has the potential to work out brilliantly. But it does rely on Asensio regaining his mojo.
CARNEY CHUKWUEMEKA
Loan
Chelsea: B
Borussia Dortmund: A
Without much chance of breaking into the Chelsea first XI this season, a loan was required as Chukwuemeka looks to prove why he is considered such a top prospect. The key for Chelsea will be how much he plays, so they can make an informed decision on his future in the summer.
Dortmund have a history of turning young English players into megastars. The Bundesliga could be the perfect environment for him to shine, even if only for six months.
AXEL DISASI
Loan
Chelsea: C+
Aston Villa: B
Having spent €45m to sign him from AS Monaco in 2023, the fact that Chelsea need to send Disasi out on loan isn't great. But perhaps a loan to another Premier League club is just what he needs to get his career back on track?
Aston Villa certainly needed some reinforcements at the back, and while the 26-year-old probably wasn't their first choice, a loan is a relatively low-risk move and he can cover in a number of positions.
Luis Miguel Echegaray reacts to a big transfer window for Aston Villa, completed with a loan deal for defender Axel Disasi from Chelsea.
EVAN FERGUSON
Loan
Brighton: B
West Ham: A
It was reported that Ferguson would be available on loan well before the window opened, so it's been a surprise to see it take 33 days for a move to come to fruition. At least, he's now found a snug fit with Graham Potter at West Ham, the manager who oversaw his explosion onto the scene a couple of years ago.
From Brighton's perspective, this is yet another example of a club loaning out a player whose stock is artificially low, in the hope he'll perform and boost his market value ahead of the summer. West Ham are absolutely desperate for a No. 9 striker, so there's no doubt he'll get ample playing time.
LLOYD KELLY
Loan
Newcastle: A+
Juventus: C
This is possibly the weirdest transfer of the window -- with a €24m (£19.9m, $24.5m) obligation to sign him permanently in the summer. It does make some sense, but it's just so random and unexpected, it makes you pause for thought.
Signed on a free transfer last summer, Kelly struggled to make an impact for Newcastle this season, despite the fact he knew manager Eddie Howe very well from their time at AFC Bournemouth together. He made just six starts in all competitions. Now he's moved to Juventus.
We know the Old Lady have been desperate for defensive depth this window, so perhaps this is just the reality of a Deadline Day scramble: Not the transfer you set out to make on Jan. 1, but interesting all the same.
Feb. 2
PATRICK DORGU
€30m (£25.1m; $31.2m)
Lecce: A+
Manchester United: B
Signing Dorgu helps Manchester United tick short and long-term targets in one go: At 20, he clearly falls in line with their focus on recruiting young players with potential; while he also plays in their No. 1 position of need right now: left-wing-back.
It's important to recognise that Dorgu is still very early in his development and is no immediate fix to this team, but there have been moments at Lecce where he's looked a bit like an early version of Destiny Udogie in the way he carries the ball, which is no doubt something worth attempting to harness.
This is a club-record transfer for Lecce, surpassing the previous high by over €10m, and given they signed him for €200,000 just 18 months ago, it goes down as a phenomenal deal for them.
CESARE CASADEI
€15m ($15.5m)
Chelsea: D
Torino: A
A genuine star at youth level for Italy in two summer tournaments, there's justifiable excitement over Casadei's potential -- but his 2½ years at Stamford Bridge ultimately feel like a waste, having appeared just 17 times for the club and clocking a miserly 71 Premier League minutes.
Chelsea get a poor grade, as they've ultimately received about €10m less than their original asking price, but Torino get a great one, as they represent a great spot for Casadei to get his career back and they haven't paid much to make it happen.
MARCUS RASHFORD
Loan
Manchester United: A
Aston Villa: B-
On first glance, this transfer smacks of desperation from all sides, but upon closer inspection, it makes some semblance of sense -- even with a £40m ($49.6m) option at the end of his loan.
It became clear early in January that a loan was the only realistic way out of Old Trafford for Rashford. From that point, it was all about how much of his reported £325,000-a-week wage Manchester United could get someone to cover, and they'll be delighted that Villa have agreed to pay 75% of it.
That means Villa will pay about £5m to borrow Rashford until the end of the season, which is probably a better strategy than entering the striker market late and overpaying for an Ollie Watkins backup. Unai Emery excels at "fixing" players, so this is one of the best managers for Rashford to go play for, too.
Mark Ogden breaks down Marcus Rashford's loan move to Aston Villa from his boyhood club Manchester United.
KEVIN DANSO
Loan
Lens: B
Tottenham Hotspur: B
Danso follows Abdukodir Khusanov and Brice Samba out the door at RC Lens, meaning the club have move on their entire defensive spine in this window. You don't see that very often!
An obligation to sign Danso for €25m in the summer seems like a fair fee all round. He's an international calibre centre-back who played well for Austria during Euro 2024, a good athlete who boasts good speed and strength, and he whips the odd good long pass out too. It's a solid pickup -- the only knock is it took Spurs far too long to spring into action this month.
Jan. 31
NEYMAR
Free
Santos: A
Neymar's return to boyhood club Santos is a heartwarming one, given the nightmare 15 months from which he's just emerging. An ACL tear in October 2023 meant he only ended up playing seven games for his previous club, Al Hilal, despite costing $94m in transfer fees and another $161m per year in wages.
At 32 years of age, off the back of not only a severe injury but also an entire career of being kicked and fouled, it's impossible to know what's left in the tank. Will Neymar light up the Brazilian Serie A once again, or is this another Eden Hazard to Real Madrid situation? At the very least, Santos understand the risk involved, so Neymar has reportedly agreed to a very modest monthly basic wage of approximately $42,000 a week.
JHON DURAN
€77m (£64.4m; $80.1m)
Aston Villa: A
Al Nassr: B
Durán's two years in the Premier League were a whirlwind. He developed from a chaotic super-sub to a genuine first-team option, scoring some wicked, brilliant goals along the way. But his incompatibility with fellow striker Ollie Watkins meant a decision point had been reached: One had to go.
Durán is talented and could go on to become incredible, but the huge fee involved -- €77m, potentially rising to €90m -- made it a no-brainer for Villa; any lingering issues with PSR are now well and truly behind them.
Al Nassr have paid a premium for the man of the moment, but will at least be happy to future-proof their attack beyond Cristiano Ronaldo while continuing to lower the average age of Saudi Pro League signings in the process.
MARIO HERMOSO
Loan
Roma: B
Bayer Leverkusen: A
Hermoso was one of last summer's prized free agents, so to see him move on from Roma so quickly will surprise some, but clearly things haven't worked out so far (the Giallorossi being on their third manager of the season already may have something to do with that).
Leverkusen found themselves in need of some defensive depth following Jeanüel Belocian's ACL tear earlier this month, so Xabi Alonso will likely be delighted to add such an experienced, hardened -- and in the right circumstances, talented -- player to the fold. He's a great fit to cover the left-centre-back role in the back three, as he played plenty of that during his time at Atlético Madrid.
Jan. 30
XAVI SIMONS
€50m ($52.1m)
PSG: A
RB Leipzig: C+
At face value, this looks like a fine deal for RB Leipzig: €50m to sign an excellent young player who has spent the last 18 months with them on loan feels like a fair risk/reward balance. But there's a couple of extra reported details that intrigue: First, add-ons of €30m could take this up to a whopping €80m; and second, he's only signed a contract until 2027. That's not normal for such a transfer, where such a big fee is involved. It suggests that Simons may well be on the move again in the not-too-distant future-especially if Leipzig fail to make the Champions League for 2025-26.
PSG, meanwhile, receive a huge sum for a player they've barely ever considered for the first team.
Jan. 29
EMILIANO BUENDIA
Loan
Aston Villa: B
Bayer Leverkusen: B
Buendía is yet to start a Premier League game since tearing his ACL roughly 18 months ago. He's been given a few starts here and there in cup games, but he's largely been reduced to a substitute's role, meaning he can't gain any fitness or rhythm.
Perhaps a change of scenery is just what he needs, and the Bundesliga looks a good fit for him: At he's best he's a talented, creative player, but regardless of form or fitness, he's always the hardest worker on the pitch, happy to press high and willing to track back. Leverkusen will have a €20m option to sign him permanently if they want.
Jan. 27
RENATO VEIGA
Loan
Chelsea: A-
Juventus: B
Juventus have been sailing very close to the wind on centre-back numbers these last few months; with Danilo gone and Bremer out for the season injured, they're using the same partnership - Federico Gatti and Pierre Kalulu - in basically every game they play. Depth was clearly needed, and while it's taken them most of the month to sort it, a loan for Veiga at least gives them the insurance they were looking for (and he can deputise at left-back too).
Chelsea are receiving a €5m loan fee for a player they don't need, so that will no doubt help them regarding Profit and Sustainability Rules (PSR).
Jan. 25
ANTONY
Loan
Manchester United: A
Real Betis: B+
There's shades of the Randal Kolo Muani deal here, with Manchester United realising the same thing PSG did: The only way to stand any chance of one day recouping a decent fee for an unwanted player is to get him out on loan and playing first, in order to rebuild his confidence. But it's quite a turnaround from his €95m arrival.
There are plenty of games to go around at Real Betis, including UEFA Conference League knockouts, so Antony stands a good chance of playing in southern Spain. He also feels like the exact type of mercurial, inconsistent forward the club are known for signing, so there's every chance the fans take to him.
Jan. 24
KYLE WALKER
Loan
Manchester City: A
AC Milan: D
For many transfers, it's about how much you paid and how much you recouped; but in Walker's case, it's about ensuring a player whose incredible 7½ years of service is rewarded with a manner of exit of his choosing.
Walker's form this season has dropped off a cliff and both parties have recognised that in parting ways. Perhaps a change of scenery rejuvenates him, but this seems like an odd deal from Milan's perspective -- especially when you consider they're reportedly covering his entire €200,000-per-week wage packet and have a €5m option to sign him permanently.
MICHAEL KAYODE
Loan
Fiorentina: C+
Brentford: B+
Right-back has proven a problem position for Brentford this season; three different players have played there in the absence of the injured Aaron Hickey, two of them being giant centre-backs, as manager Thomas Frank searches for answers.
Kayode is an intriguing solution. He's extremely energetic and positive, always playing forward and always looking for an overlap. There's work to be done on the technical side of his game, but he should suit a reactive team like Brentford. Securing a loan with a €16m option to sign permanently is great work from the Bees, but somewhat questionable from Fiorentina's end -- even if he has been demoted to a squad role of late.
Jan. 23
OMAR MARMOUSH
€70m (£59m; $71.9m)
Eintracht Frankfurt: A+
Manchester City: B
No one has had a more transformative 18 months than Marmoush, who joined Eintracht Frankfurt on a free transfer in 2023, but has now made a blockbuster move to the reigning English champions.
Marmoush scored and assisted at will last season and has continued in the same vein this term, attracting interest from most of Europe, so Eintracht set a huge asking price. City, who are desperate for confidence and creativity, coughed up €70m, plus another €5m-€10m in add-ons, which is no small sum for a player who spent years in the wilderness before only recently hitting his stride.
While the signing does carry some risk, it's clear why City took the plunge: He's fast, strong, creative and an expert set-piece taker. He might be the shot in the arm they need.
RANDAL KOLO MUANI
Loan
Paris Saint-Germain: A
Juventus: A
Things went wrong for Kolo Muani at PSG as he fell out of favour with manager Luis Enrique, despite the fact he's an established France international and the club spent €80m to sign him from Eintracht Frankfurt in 2023. But just because he doesn't appear to suit Luis Enrique doesn't change the fact that, when fit and firing, he's an excellent striker. He just needs a bit of rhythm.
Kolo Muani could well prove a great, opportunistic pickup for a Juventus side that struggles to turn draws into wins. Meanwhile, from PSG's perspective, this straight loan is a chance for Kolo Muani to regain some market value ahead of a potential permanent (and more expensive) exit in the summer.
Jan. 21
VITOR REIS
€35m (£29.5m; $36m)
Palmeiras: A-
Manchester City: A
According to ESPN's Tim Vickery, Vitor Reis is a classy defender with huge potential. Strong defensively, assured on the ball and comfortable in a back three or four, he has all the ingredients to become a top centre-back; he just needs to fill out physically.
A €35m fee represents a Brazilian league record received for a defender, vastly eclipsing the €20m PSG paid to sign Lucas Beraldo in 2024. With that, Palmeiras should be happy enough -- although they did want him to stick around for the Club World Cup this summer, so losing him six months early might sting.
Jan. 20
ABDUKODIR KHUSANOV
€40m (£33.6m; $40.8m)
Lens: B
Manchester City: A-
City are in dire need of defensive reinforcements, so signing one of the best young centre-backs in the world is certainly a good start on that front. Khusanov is extremely fast and reads defensive situations well so, despite being just 20 years of age, could positively impact this team from the get-go. He'll need to improve his passing, but that can come with time.
Lens could eventually receive up to €48m for this deal, which is a lot for a French club not named PSG. But they know deep down he could have gone for even more had they been able to hang onto him for another few months.
Jan. 17
KHVICHA KVARATSKHELIA
€60m (£50.7m, $61m)
Napoli: D
Paris Saint-Germain: B+
This is undoubtedly the January transfer window's top storyline so far: Kvaratskhelia, a hero in Naples for his part in the 2023 title win, effectively walking out on the club halfway through another title tilt and joining PSG.
It's a disaster for Napoli, who have lost a sensational, talismanic player for what is a fairly modest fee. Manager Antonio Conte has effectively revealed that in not letting him go last summer, it has cost the club money.
PSG will be delighted to get an exceptional winger on the (relative) cheap, but it must be pointed out that this was hardly a position of concern for the club given they already have Bradley Barcola, an in-form Ousmane Dembélé, Désiré Doué, and several others on their squad.
Jan. 15
JADEN PHILOGENE
£20m ($24.7m)
Aston Villa: A
Ipswich Town: B
Ipswich wanted to sign Philogene in the summer but were beaten to the deal by Villa, who reacquired him from Hull City with big expectations. Unfortunately, those expectations haven't been met (aside from one superb performance in the Champions League against Bayern Munich) and he has moved on just six months later.
For Villa, banking £20m for a player who very quickly lost his way at the Premier League level will undoubtedly be very satisfactory. That loss of form and confidence means Ipswich are taking a slight gamble, but he'd no doubt be a star for them in the Championship next season if the worst were to happen.
Jan. 14
DONYELL MALEN
€25m (£21m; $25.5m)
Borussia Dortmund: B+
Aston Villa: C+
Malen has felt destined to depart Dortmund for some time now; for one reason or another, he has never quite fit there, with injuries playing a part in that, as well as the general disruption at the club. BVB will be happy enough with the fee received.
Villa is a slightly surprising destination, but perhaps Unai Emery sees him as a replacement for Moussa Diaby -- someone who can play wide or behind the striker and score goals -- who they were forced to move on last summer to meet UEFA's Squad Cost Ratio rules. Malen will need to up his game to prove worth the outlay of €25m, which could rise to €30m with add-ons.
Jan. 9
EMMANUEL AGBADOU
€18m (£14.9m; $18.8m)
Stade de Reims: B+
Wolves: B+
Centre backs come in vastly different forms, and it's safe to say Agbadou is of the more active type. He racks up tackles, interceptions, duels won and clearances willingly, showcasing good strength and an ability to do a bit of everything. Stylistically, think similar to Chelsea's Axel Disasi.
Wolves are badly in need of central defensive help, so Agbadou looks like a plug-and-play signing who immediately lifts them. The fact that he has spent 2½ years in Ligue 1 is a bonus there, as players tend to translate very effectively from France to England. Both teams should come away happy enough with the fee exchanged.
Jan. 7
JULIO SOLER
£6.6m ($8.2m)
Lanús: B+
Bournemouth: A
It should come as no surprise to see Bournemouth hit the market for a left back, given their current incumbent, Milos Kerkez, is so highly thought of by the world's top teams. This looks a lot like the Cherries are planning ahead, which is undoubtedly smart.
Lanús have a reputation for developing stellar fullback talent, and Soler will now be managed by a very good former fullback in Andoni Iraola. The 19-year-old's game is packed with energy and aggression, and he's already on the cusp of the Argentina national team. This feels like a match made in heaven. The initial fee looks a little low for such an established prospect, but the deal could rise to £11.5m if targets are hit -- that would be a Lanús club-record fee.
Jan. 5
ANTONIN KINSKY
€14.5m (£12.5m; $14.9m)
Slavia Prague: A
Spurs: B+
Guglielmo Vicario's injury this season made clear how short Spurs had left themselves in the goalkeeper department. As a backup, Fraser Forster ticks the veteran box, but doesn't actually suit Ange Postecoglou's ball-playing system.
That makes 21-year-old Kinsky one for the future, but also one for the now, too. He has been praised for his long distribution and ability to use both feet, which will lead to some early opportunities to stake his claim. His first game in the Carabao Cup vs. Liverpool worked out pretty well.
Julien Laurens explains why he thinks of new Spurs signing Mathys Tel as the "complete package" when it comes to forwards.
Jan. 1
YANG MIN-HYEOK
£3.3m ($4.1m)
Gangwon FC: B
Spurs: A
Tottenham beat a host of competition to sign Yang, the freshly crowned Korean League Young Player of the Year. He joins the club that South Korean compatriot and idol Son Heung-Min has made so famous in his nation -- something that perhaps made Spurs the most likely destination all along.
The fee isn't an awful lot for a Premier League side to stake on potential, so from Tottenham's perspective, this is low-risk, high-reward business. His 12 goals and six assists last season suggest there's plenty of upside. It may seem to be a paltry fee for Gangwon, but the perception in South Korea is that this is a strong return.
DIEGO GÓMEZ
£11m ($13.8m)
Inter Miami: C+
Brighton: B+
Gómez has moved from Paraguay to MLS to the Premier League in the space of just 18 months, with Brighton happy to strike early for the potential he has quickly shown. There has always been a rough rule of thumb in football that any player Lionel Messi clearly enjoys playing with is likely a quality one -- so Gómez's on-pitch connection with the Argentina legend at Inter Miami speaks volumes.
Miami have described the fee received as "among the most expensive outbound transfers in MLS history," but when compared to previous deals, it's tough to shake the feeling that it's a little on the low side.