Unfortunately, this is what happens when Walsh/Koeman/Allardyce are allowed to stretch the club to its the financial limits.
As currently constructed, our biggest issues are CB/LB depth and midfield passing. I'm optimistic that we can sort those three areas after we unload a few big earners.
If you're looking for silver linings in all of the inactivity, here are a couple:
(1) We have a lot of young talent already on the books, players that can improve a lot given regular minutes in a cohesive side. This group includes Holgate, Davies, Lookman, Calvert-Lewin, Dowell, Vlasic, and Baningime. I'll even throw Pickford and Keane in here. The former has already shown glimpses of quality and isn't anywhere near his prime as a keeper yet. And I think the latter has more to show under a manager who organizes the team better and can make use of his underrated ball-playing ability.
(2) If you don't do anything, you can't do anything stupid. Which, after the past few summers, is a victory of sorts.