Premier League clubs spent almost £2 billion during the summer transfer window, and there were some really interesting deals. But January 2024 marked the league's lowest total in winter spending in three years (£96.2m), so what does 2025 hold?
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. 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.