Real Madrid is facing a critical phase that necessitates a comprehensive rebuild after two consecutive seasons of exiting the Champions League at the quarter-final stage, alongside losing the league title last season and being close to losing it again this season.

Although the defeat against Bayern Munich in Munich was not humiliating, it confirmed the ongoing gap with Europe's top teams, especially after other losses against Paris Saint-Germain, which puts the team in a position where change is necessary rather than clinging to stability.

Despite some positive signs, such as Arda Guler's brilliance, Eder Militao's return to form, and the relative improvement in Jude Bellingham's condition, this is not enough to build a strong competitive project for the 2026-2027 season.

At the level of transfers, the failure of last summer's deals sparked widespread debate, as the trio Dean Housen, Alvaro Carreras, and Franco Mastantonio did not find a place in coach Alvaro Arbeloa's starting lineup, raising questions about sports planning.

Contract renewal issues also come to the forefront as the contracts of Dani Carvajal, Antonio Rüdiger, and David Alaba approach their end. The first aims to continue, while the latter is close to leaving, and Rüdiger is expected to stay.

In a related context, Eduardo Camavinga has become a candidate for sale due to his inconsistent performance, amid interest from Paris Saint-Germain and English clubs, while Fran Garcia is attracting attention in the transfer market, whereas Dani Ceballos's situation appears more complicated.

On the reinforcements front, the club is considering signing a new defender and a dominant midfielder, with the name of AZ Alkmaar's player Kees Smit standing out to strengthen this position. There is also interest in defender Nico Schlotterbeck from Dortmund, whose value could reach between 50 and 60 million euros.

Real Madrid is also counting on the return of some talents, such as Nico Paz and Endrick, in addition to monitoring the development of Victor Munoz and Jacobo Ramon.

The coming months appear to be crucial in shaping the features of a new project within Real Madrid, with the necessity of making bold decisions to return the team to the podiums of victory.