Several players may be heading for the Real Madrid exit door
Although Real Madrid went out of the Champions League with their heads held high, changes are coming at the Bernabéu this summer.
After successive quarterfinal exits in the Champions League, and with LaLiga all but out of reach for a second straight year, changes are in the offing at Real Madrid. Los Blancos bowed out in Munich with their heads held high, but defeat to Bayern sounded the death knell on Madrid’s season - and plenty of movement can be expected over the summer…
In Bavaria, Madrid showed flashes that offer cause for optimism and provide a foundation for rebuilding. The way Arda Güler rose to the occasion in a white‑hot test, Éder Militão looking factory‑fresh, Jude Bellingham’s partial recovery, the clear sense that - unlike last year against Arsenal - this time the team actually competed… And yet it all feels like far too little to justify a conservative approach to a 2026/27 season that demands trophies. Big ones.
Although Madrid went down with honor, Munich was the sporting epitaph of a season that once again leaves Los Merengues behind Europe’s heavyweights, and with domestic rivals Barcelona and Atlético Madrid both aiming squarely at silverware. Deeply worrying.
Summer signings fall flat
Something was clearly off with Madrid’s 2025/26 planning when, eight months later, with everything on the line, none of last summer’s three most expensive signings (Dean Huijsen, Álvaro Carreras and Javier Mastantuono) made Álvaro Arbeloa’s starting XI at the Allianz Arena.
Neither they nor the cost‑free, surging youth product Thiago Pitarch. When push came to shove in Germany, Arbeloa opted for the oft‑disappointing Eduardo Camavinga instead of the breakout story of the year from La Fábrica. In the starting lineup, for the first time in Madrid’s 510 European Cup matches, there wasn’t a single player eligible for Spain.
What will happen with Madrid’s free agents-to-be?
Whether the principle of “before you bring anyone in, let people go” is applied or not, the reality is that the club is confronting a set of vastly different situations involving players whose contracts expire in two months: Dani Carvajal, Antonio Rüdiger and David Alaba.
Carvajal, as this newspaper has reported, wants to do everything in his power to stay. Rüdiger has been showing since his treatment in London that he is physically reliable - and that he remains, as was again the case this Wednesday, the partner who best complements Militão. Alaba, on the other hand, has one foot and four toes already out the door.
Camavinga and Ceballos
Camavinga, meanwhile, stands out as one of the key pieces in generating revenue through outgoing transfers. Balancing the books becomes even more critical if the club decides to widen its scope and increase spending in the transfer market.
The Frenchman, due to his erratic performances and especially after triggering the chain reaction that led to the referee Slavko Vincic’s costly slip‑up at the Allianz, has landed squarely in the crosshairs. For Madrid, he is an asset - and a sellable one, should they choose that path. Paris Saint-Germain is circling, and there is interest in England as well. He is not alone. Fran García also carries an attractive market tag.
Far more complicated, from a financial standpoint, is Dani Ceballos’s situation. His contract runs until 2027; last summer he stunned the club by rejecting a loan move to Marseille, and his on‑field impact since has been virtually nonexistent. He will leave - the only question is how.
What about incoming transfers?
On the other side of the potential - if tightly limited - revolution would be new faces. A delicate coaching casting process hovers over the club (though Madrid will not, for now, make an abrupt decision regarding Arbeloa), along with a shakeup of the locker room.
“The team needs signings, there’s no doubt about it‚” said Jorge Valdano, the former Madrid player, coach and director, on Spanish TV in the immediate aftermath of the Bayern defeat. The initial plans, as reported by AS, involved dipping into the market for just a center back and a midfield organizer. For the latter role, AZ Alkmaar’s Kees Smit tops the list of players who appeal and fit the desired profile.
The center‑back position opens another landscape, where competition will be fierce. The favorite is Nico Schlotterbeck, who included a Madrid escape clause in his recent renewal with Borussia Dortmund. The price? Between $60 and $70 million.
Paz, Muñoz, Jacobo, Endrick…
The club will also have to explore a route most of its rivals do not have at their disposal: its extensive pool of players out on loan or sold with buy‑back or 50% rights. Because the academy is producing - if often far from home.
Madrid is counting on the return of Nico Paz and Endrick. But the hottest case is Víctor Muñoz, who has exploded at Osasuna and is already tasting life with the national team. A move to Barcelona has been ruled out - the club will not allow it - but all other scenarios remain on the table for the lightning‑quick Catalan winger, including delaying a potential buy‑back until 2027. The same applies to Jacobo Ramón, who has stood out at Como, though in his case Alaba’s departure and Raúl Asencio’s instability work in his favor.
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