Arsenal manager Arsene Wenger predicted we were in for the busiest January transfer window in many years. However, it seems the Premier League's most experienced boss was wrong, with the top clubs stepping away from making the kind of big-money signings that could change the course of their season.
As deadline day approaches Monday, there is no real expectation that a flurry of business is imminent, with the real transfer surge likely to spark to life next summer when the £5.136 billion ($7.8bn) new television contract starts for Premier League clubs.
The lack of activity this January begs the question of whether the current setup of the transfer window is fit for the modern game, amid suggestions that business could be concluded before a ball is kicked in a new season, meaning extra additions would not be made until the following summer.
ESPN FC spoke to figures who have been involved in some high-profile deadline day drama in recent years, with the contrasting views fuelling the debate over the merits of the January transfer window.
Alan Pardew with the manager's view
"This is the month when football agents make their money and many of the rumours you see are part of a big game designed to stir up business." -- Alan Pardew, Crystal Palace manager.
Pardew is now one of the most experienced managers in the Premier League and his background of January transfer window business creates plenty of questions.
He said: "It is a part of the game we have to accept, whether we like it or not. When I was at Newcastle, there was always a concern that my top players were likely to be targeted and it happened with Andy Carroll moving to Liverpool [in 2011] late in the window and we didn't have time to replace him.
"Then we had the situation with Arsenal and Yohan Cabaye. They put in a bid for the player the night we had a game away at Man City. It was not ideal, but is there a way around it?
"Clubs at all levels of the Premier League want to improve their squads and you cannot say scrap the transfer window and have no deals during the season. That would leave teams with nowhere to go if they are battling to survive in the second half of the season or if they have a big injury crisis.
"The transfer window only works for the big clubs with the biggest budgets because they can pick and choose the players they want and generally get them, although that balance has shifted a little in recent years with the extra TV money coming into the game.
"So I would say the current transfer window set up is not ideal and many of us may not like it, but it is necessary."
Niall Quinn with the chairman's view
"The biggest winners in a transfer window are the agents. If they all got together and tried to come up with a way to get the most out of clubs for a player, they would come up with the idea of having a deadline for signings twice a year." -- Ex-Sunderland chairman and Sky Sports pundit, Niall Quinn.
Sunderland have tended to be among the more active clubs in January transfer windows, with their former chairman reflecting on his deadline day business as being a mix of excitement and bewilderment.
He said: "I remember our first deadline day after we appointed Roy Keane as manager [in 2006]. We signed six players that day, including Dwight Yorke, and all of the deals had us on edge until they were signed and confirmed. So much needs to happen to get a deal over the line and then you have to hope you have made the right choice on the player.
"It leads to a very difficult situation for clubs and managers and no one in the game enjoys what we will see over the next few weeks.
"I have never had a problems with agents because they are just looking after their players, but we have situations that come up at this time of the year that are crazy.
"You have to play the game. You cannot show your hand too quickly and you need to let a transfer play out before you get to the end of it. Then you get to deadline day and you need to get players out if you are going to get players in and it can get very difficult.
"Then when it's all over, you sit back and wonder how you got to the finish line."
Jim White with the media's view
"What people who call for the transfer window to be scrapped may be forgetting is that footballers, managers, agents and everyone associated with this great game are part of the entertainment business." -- Jim White, Sky Sports transfer deadline day presenter.
Broadcaster White has become a face of transfer deadline day on television in the United Kingdom, with his excited presentation of the unfolding events adding to the hype around the day. As former Chelsea manager Jose Mourinho once said: "Even if nothing is happening, Jim White makes it sound exciting."
White said: "It is theatre, this transfer deadline day. It has become a massive part of the game and as we get closer to deadline day, I sense the excitement building among football fans I bump into on my travels around the country.
"Someone like Arsene Wenger, who has been among those moaning about the transfer window, wasn't complaining when he got the deal done for [Mesut] Ozil in the final hours of a window, so he needs to keep some perspective of what this game is about.
"It is obviously great for us as broadcasters to have these transfer deadline days to report on and hopefully we add to the excitement with the way we present it all, but we did not invent this occasion for our own benefit.
"All we do is spice up the day for those watching at home and our viewing figures confirm that people enjoy transfer deadline day. It is a great part of the game."
Kevin Moran with the agent's view
"When you see the lack of high-profile deals going through this month, you do have to wonder whether the mid-season transfer window is working." -- former Manchester United star and now agent, Kevin Moran.
Many players have used their experience in the game to go on and represent footballers as agents after they hang up their boots. Former United and Republic of Ireland defender Moran is now one of the people working to complete deals.
He said: "You don't see too much action in the January transfer window and the clubs that tend to get involved are the ones that are a little desperate. The teams at the bottom end of the Premier League who are fighting for survival tend to be the ones doing the deals.
"It is also a big month for Championship clubs looking to add to their numbers as they push for promotion and you only tend to get the odd high-profile deal for the title contenders, which tends to fall into the 'take a chance' category.
"Our business has changed so much in recent years, as in the past agents would contact well-known people in the UK to try and broker a deal with a club. We would then work together to try and get a transfer through. That has all changed now because agents approach clubs and managers directly, which presents its own problems.
"Managers now are getting inundated with calls and messages from agents they may never have heard of -- who don't even represent the player they are trying to sell -- and it is a minefield trying to work out who is credible and who is not.
"The odd rogue agent can give our business a bad name and I know everyone picked out Raheem Sterling's agent [Aidy Ward] for criticism last summer, but the end result was beneficial for everyone.
"Liverpool got a massive fee [£49 million] for Sterling, Man City got the player they wanted, the player got a huge pay rise and joined a club pushing for the title and the agent probably do OK out of it as well. Was that really such a bad deal after all? Probably not."
Kevin Doyle with the player's view
"Every player watches transfer deadline day unfold and it normally makes for good TV, but when you are one of the players making a move, it can be a bit stressful." -- Kevin Doyle, Colorado Rapids striker.
A deadline day move can be life-changing for a player. Republic of Ireland striker Doyle explains that the excitement of being part of the drama quickly evaporates as you push to get the deal concluded.
He said: "I was moving from Wolves to Crystal Palace [August 2014] and it was going down to the last few hours to try and get the deal over the line.
"It can take a while to put a transfer together, even if it was a loan deal in my case, and there are lots of different bits of paper that have to be signed off and sent to the right people at the FA.
"In the end, we got it all done just in time and it was a shame that I missed all the deadline day coverage that day as I was so busy trying to get my move sorted.
"I'm sure the transfer deadline is stressful for clubs and manager and chairmen, but it is all part of the game. I think it is quite entertaining."
Ramon Calderon with the view from Spain
"I like the transfer window setup as it is right now, but it is almost impossible for the big clubs to make signings in January." -- Ramon Calderon, former Real Madrid president.
Real Madrid are among the Champions League contenders who rarely spend big in the mid-season transfer window and he does not think that is likely to change any time soon.
He said: "When I was in charge at Real Madrid, I remember we did a deal for Klaas-Jan Huntelaar [January 2009] because we had a problem with strikers, but the very best players are never available at this point in a season.
"Some of the money that can be offered in January is massive because clubs are a little desperate to make a deal happen, but this transfer window is more for the clubs slightly below the top level.
"I would not change the way the transfer system is set up at the moment. You could have the window open all year, but that would destabilise clubs and this way allows some more planning to happen with a long-term view."