I totally understand why we would scale back our thinking and that we won't be the only ones, but there is a part of me that thinks, particularly if there is a change/relaxation of the FFP regulations for this year, that this is a window that if we can, we should look to attack. £100m, if spent well, might get you more quality this pre- season than it has in others and really give us the platform to spring off.
Maybe the circumstances will mean we move more towards a Spanish/Italian approach to transfers with long term loans and swap deals being commonplace, we'll see. If that is the case, when I look at our squad, outside of those that I don't think we would trade (i.e. Richarlison, DCL, Holgate), there are only a handful that look to have any genuine swap value; Digne, Gomes, Bernard, Kean. I'm not sure you'd get better than them in any swap deal and all play in positions that we either want to re- enforce already or would have to if we were to lose any of them.
I'm also looking the Newcastle situation. If their buyers are who we are led to believe they are and the money is there, the timing could play right to their advantage. They'll be cash rich heading into a buyers market with little to no FFP concerns to be too worried about in Yr 1. If they learn from the mistakes we made under Walsh, they could be a different animal entirely by the start of next season. Not a Top 4 contender, but definitely a Top 8/10 candidate.
Anyway, until the Project Restart picture is clearer, this is all a hypothetical and mostly pointless ramble. Sorry!