So, who’s winning the transfer window?
With just three weeks to the EPL’s big kick-off, the good news for fans is that the predicted two-horse race might be getting a little more crowded.
A month ago, it looked like Manchester City and Liverpool might be playing in their own rarified league yet again.
The respective arrivals of Erling Haaland and Darwin Nunez seemed likely to put even further distance between last season’s top two and the chasing pack.
By buying two of the most sought-after strikers in Europe, the Big Two seemed to be targetting the Champions League while ensuring that no one can catch them at home.
But first Spurs and now Chelsea have made significant additions as they bid to narrow what was more of a gulf than a gap in the table.
Liverpool finished just a point behind City but 18 ahead of the Blues who had three more than their London rivals.
Whilst neither Richarlison nor Raheem Sterling compares with Haaland and Nunez man to man, you can see the thinking – ie the manager’s – behind both acquisitions.
Just as you can with the likes of Ivan Perisic and Kalidou Koulibaly.
For the first time in a while, there’s evidence of a plan instead of the scattergun approach that was the norm at both clubs.
When it was Roman Abramovich’s finger on the trigger, it made some big hits, not to mention taking numerous managerial casualties.
But as good as some of the recruits were, it always seemed like Chelsea’s owner was playing Fantasy Football for real.
Then in recent years, they were hit by a transfer ban under Frank Lampard and, this year, another one when the UK government dramatically sanctioned the Russian owner, freezing his assets.
He did have one last splurge a year ago but £97.5 million Romelu Lukaku turned out to be the biggest flop of his 23-year reign.
Only now that the club has been sold – to an American consortium led by Todd Boehly – has Thomas Tuchel really had a say on recruitment.
And replacing Lukaku with Sterling has the German boss’s fingerprints all over it.
He wants a vibrant, mobile attack which will bring the best out of his existing front men.
And he wants them to press as well – another of Lukaku’s weaknesses but one of Sterling’s strengths.
If anything, defence was in greater need of reinforcements than the attack.
To lose one centre-back on a freebie, may be regarded as a misfortune; to lose two looks like carelessness.
That’s what happened when Chelsea allowed both Antonio Rudiger and Andreas Christensen to run down their contracts and leave for nothing.
But in Koulibaly – an almost like for like replacement for Rudiger – they have a towering presence who may come to be seen as an upgrade.
In Italy, the ex-Naples star is rated as highly as Virgil van Dijk.
And his rugged physicality looks like the perfect complement to the cultured Thiago Silva, 38 in September, who will also need replacing soon.
Which is why former Blue, Nathan Ake, may return. After a bit part role at City, he may get more games at his former club.
And taking two players from the champions surely has to weaken their squad.
Chelsea have been seen as the most likely destination for Cristiano Ronaldo, but, given Tuchel’s desire for mobility and pressing, it can be safely assumed the manager will veto it.
After all, he still bears the scars from dealing with the egos of PSG.
But Chelsea are far from finished in the market, being linked to Frenkie de Jong as well as Matthijs de Ligt among others.
And none other than Jurgen Klopp has already talked up their chances.
Interviewed by ESPN, the Liverpool boss said: “When we played Chelsea [last season], we didn’t win one game.
“And that’s not because we were bad that day. No, we were really good in those games.
“In the end, with the penalty shoot-out, we could win it, but in 90 minutes, we didn’t. So that shows you Chelsea are incredibly strong.”
They will be even stronger when the season kicks off.
If, as a rookie in the game, it’s natural that Chelsea’s owner should listen to his manager, it’s never happened at Tottenham – until now.
Chairman Daniel Levy has made his name on hard bargaining, often waiting until the last minute to conclude – or miss out on – a deal.
But not anymore. In Antonio Conte, it seems that Levy, like Boehly, realizes he has one of the best in the business in charge.
The way Spurs stormed to fourth place at the end of last season convinced the chairman to bow to the Italian’s demands for a £150m transfer budget.
If Richarlison, prised out of Everton for £50m, is the headline act, Croatia’s Perisic brings a wealth of continental experience on a freebie.
Yves Bissouma, a £25m capture from Brighton, could be the midfield dynamo Spurs have been missing.
Attacking full-back Djed Spence, a revelation on loan to Nottingham Forest in the Championship, would complete an excellent summer’s business if Middlesbrough accept £20m.
With Dejan Kulusevski forming an exciting front three with Harry Kane and Son Heung-Min, Spurs now appear to have the firepower and squad depth necessary for another tilt at the Champions League as well as a top four place.
As for the champions, their second major summer signing is no less than England midfielder Kalvin Phillips for £45m from Leeds.
With Rodri extending his contract as well, Pep Guardiola is once again ensuring he’s well-stocked in his favourite position – midfield.
But with Gabriel Jesus, the second striker and the third major departee joining Arsenal, you have to wonder if there’s a touch of complacency around the Etihad?
If there is, there’s more than one team ready to pounce on it.
The views expressed are those of the writer and do not necessarily reflect those of FMT.