da pinnacle： PSG have lost Lionel Messi, and Kylian Mbappe could be next, clearing the way for a new era for the Ligue 1 giants.

da bet7： PSG agreed on their first big-money signing of the summer last week. His name is Manuel Ugarte. Those outside of the Europa League or Portuguese top-flight circle might not have heard of Ugarte. That is because he is an unspectacular footballer.

He is a six-foot-two defensive midfielder who does a lot of things well, but nothing spectacularly. Ugarte is good in a tackle, measured in his passing, and athletic enough to cover ground in a modern, high-energy midfield. Ugarte is a player that will do a lot of good things immediately, and also, under the right coaching, be even better in five years.

Ugarte is very much not a PSG signing. But the Parisians spent €60 million (£51.6m/$64m) to bring the Uruguayan international to Paris, outbidding equally notorious wasteful spenders Chelsea for his services.

This is a remarkably shrewd start to a summer of spending – something that PSG generally does not do. The Parisians of years prior would have immediately chased a replacement for the outgoing Lionel Messi, and tried to coax Mohamed Salah from Liverpool, or Leroy Sane from Bayern Munich. Instead, their first arrival is a sensible one, a good player that addresses a position of need.

And there might be something bigger at play here…

Getty ImagesA messy history

Since they brought on Neymar in 2017, the Parisians have always aimed for the big names, going after players either at their peak or at the brink of it – outspending the rest of Europe for players sure to be on the Ballon d'Or shortlist.

But that strategy has yielded limited success. This time, though, things might just be different. Ugarte, agreeable and entirely acceptable that he is, could be the start of a more intelligent strategy, the true birth of a project that the Parisians have promised for years.

Historically, PSG haven't been very good at summer recruitment. The Parisians adopted something of a pseudo-Galacticos policy, strengthening in similar positions with the biggest names possible. And it all made sense in the first few years after the Parisians were bought by the Qatari Sports Investment Group in 2011. The big names came through the doors in droves.

First, it was Javier Pastore. Next it was Thiago Silva, followed by Zlatan Ibrahimovic. The summer after, it was Napoli's Edinson Cavani. This all came in the strange middling era before everyone else started shrugging their shoulders at €50m price tags. In 2013, the €65m (£56m/$70m) spent on Cavani seemed like a lot of money.

And this all made sense for a side still trying to establish itself. Paris was a big market, with cool kits and a legendary stadium. The early moves of the QSI era were tactical in some sense, but also marketable in others. PSG, in effect, had to prove that they were worthy of attention.

But it all got very silly, very soon.

Advertisement(C)GettyImagesMoney was no object

Six summers ago, Neymar became available, having fallen out with Barcelona boss Luis Enquire and become frustrated by the lack of attention in a team that included Messi and Luis Suarez. PSG broke out the state-funded chequebook in style, splashing an eye-watering €222m (£197m/$237m) on their first exorbitant superstar.

In isolation, Neymar was an excellent signing. Money was no object, and Neymar was still Neymar. But the signings that followed muddied things.

Mbappe was brought in because he was French and good. Messi arrived in 2020 because he was available. He was then complemented by Achraf Hakimi – the addition of Europe's most attacking right-back to shore up a team that badly needed defensive stability.

And finally, they shelled out €12m (£10.3/$14.6m) per year on Gianluigi Donnarumma – signing the most expensive goalkeeper in the world when they still had Keylor Navas between the sticks.

Last year, with the Parisians finally financially restricted after a number of years misinterpreting the minutiae of financial fair play, they spent over €100m on three centre-midfielders. One of them, Renato Sanches, hadn't started more than 20 games in a season since 2016. The other two were, quite simply, the wrong fit.

Getty ImagesWho else arrives?

And now, the financial restrictions are off again. Tradition dictates that PSG will find the most expensive superstar on the market, with the biggest ego, entourage and social media following, and bring him to Paris immediately.

The issue is, they have already lost one, and could see another depart. Mbappe has notified the club that he will not be renewing his contract, and has always had one eye on Madrid. If the right bid comes in, Mbappe will be playing in white next year.

And there aren't really any other big stars available. Vinicius Jr just signed a massive contract to stay in Madrid, and took Cristiano Ronaldo's old number. Erling Haaland will not leave Manchester City. Salah is in his 30s, and Liverpool would never sell him.

So, PSG, finally, are forced to look elsewhere. Ugarte was the start, but the recruitment team, led by value-for-money guru Luis Campos, has already made some moves. Marco Asensio has been brought in on a free after failing to agree a new deal with Madrid. He is not the player that he used to be – a torn ACL stunted his career growth. But he is still a top-quality right-winger, a player good enough to play for PSG who is, positionally, an adequate fill-in for Messi.

Mallorca's Lee Kang-in is also soon to be a PSG player, according to . An attacking midfielder, the South Korean was a crucial player for one of La Liga's biggest surprises last year, leading the plucky club to a top-half finish with 13 goal contributions. Where, exactly, he fits in remains to be seen. But he will certainly be a sound addition for less than €20m.

Suddenly, PSG have strengthened their starting XI for relatively cheap, without adding any massive egos to the dressing room. Next up is supposedly Bernardo Silva. The Parisians agreed on a deal for the Portuguese last summer, but were unable to make the transfer happen. Campos has a pre-existing relationship with Silva, who has nothing left to win at City.

Campos is also after a centre-back, and will benefit from a market flush with options. Although the arrival of Milan Skriniar should be of some benefit, the former-Inter man is similar in profile to Marquinhos, and the Parisians ideally need a left-footed option. Josko Gvardiol would be a top-tier target, but Campos, the savvy recruiter that he is, will likely have a more affordable player or two in mind.

There are, admittedly, some complicating factors here. Mbappe's presumptive exit leaves the Parisians with a hole up front. Ironically, the player Mbappe openly coveted as a teammate might be an option. Randal Kolo Muani is ready to move on from Frankfurt. He will cost an unfriendly €100m (£89m/$107m), but for one of the best strikers in Europe, that number is simply the going rate. If he's the most expensive signing and arrives with a host of others at agreeable prices, PSG will have done well.

Getty ImagesWho's gone?

This all comes at an opportune time, too. PSG could face an extensive turnover this summer. Sergio Ramos and Messi have been let go. Mbappe seems likely to follow them out of the door. A host of loanees seem sure to depart, too. The Parisians might have finally found a buyer for the rogue Mauro Icardi, while Leandro Paredes, Julian Draxler, Gini Wijnaldum and Keylor Navas should all be off the books.

They will be restricted by the long-term absence of Presnel Kimpembe, who suffered an Achilles rupture towards the end of last year — one that could rule him out of most of the season. Meanwhile, Neymar underwent ankle surgery in the spring, and likely won't be fully back up to speed by August (that is, if he's still around.)

Not everything will go smoothly here. A loanee or two might have to stay, while dead weight is not so easily shed in the midst of a few weeks. But PSG face a squad stripped, and have plenty of cash to upgrade it. All that is left is to ensure that they don't waste it.