After their Champions League elimination by Bayern Munich, the inquest at Real Madrid will begin.
With the club trailing Barcelona by nine points in La Liga with seven games to go, it looks like, for the second season in a row, the Spanish side will fail to win a major trophy. At a club known for its ruthlessness with managers, Alvaro Arbeloa’s position is under threat. The last time Madrid finished two consecutive campaigns with no major titles was in 2009-10, when the club pivoted towards a new era under Jose Mourinho.
This time, we could see several important moves beyond the dugout.
There is good reason to look beyond the coach. Carlo Ancelotti left as manager last May, Xabi Alonso was sacked in January, and Arbeloa now also looks likely to leave. If they were all deemed to have failed, it is natural for a critical focus to now fall on the players.
Fan discontent with some first-team members has already been heard at the Bernabeu this season. Kylian Mbappe, Jude Bellingham and Vinicius Junior have all been targeted with jeers and whistles from Madrid’s home crowd on several occasions since Alonso was fired. There have also been calls for president Florentino Perez to resign.
Here, The Athletic’s Guillermo Rai goes through Madrid’s squad, explaining where we can expect to see change and why. It reflects conversations with several well-placed sources, who all wished to speak anonymously to protect relationships.
Goalkeepers
This is the position of least debate, given the qualities of Thibaut Courtois and Andriy Lunin. There are no immediate plans to change the goalkeeping situation.
Courtois will be 34 in May. He has a contract that runs until 2027 and has been the team’s most consistent performer this season. The thigh injury he suffered against Manchester City on March 17 was a huge blow, and he was sorely missed in the quarter-final defeat by Bayern.
Lunin reacts after Michael Olise’s stoppage-time goal for Bayern against Madrid (Alex Grimm/Getty Images)
Lunin’s performance over both legs against the German champions has been criticised. Although he did make some important stops, he was also at fault for Bayern’s first goal.
The 27-year-old Ukrainian has always shown a strong commitment to his role as Courtois’ understudy, and his contract runs until 2030. However, some voices around him have suggested he study a move to secure more regular playing time.
If he were to leave, Madrid would need to decide whether to promote 20-year-old reserve team goalkeeper Fran Gonzalez or enter the market for a more experienced option.
Defenders
Madrid do need to reinforce here, at right-back and centre-back especially.
The Athletic first reported in February that there were doubts about renewing captain Dani Carvajal’s contract, which expires in June. The lack of movement on the topic, and Carvajal’s limited playing time, suggest that no offer will be made.
The player has had his own doubts, too. Now 34, he wanted to renew if he was in good form and playing an important role. He is frustrated that he has not had more opportunities to prove himself.
Carvajal joined Madrid’s academy in 2002 and has been at the club ever since, apart from a single season at Bayer Leverkusen back in 2012-13. His departure would leave Madrid with only Trent Alexander-Arnold at right-back.
At centre-back, David Alaba’s contract is expiring and he will not be offered a new deal. Eder Militao, 28, and Antonio Rudiger, 33, started Wednesday’s match at Bayern, but both have suffered recurring injuries. Rudiger’s contract is also expiring this summer and the club is addressing the matter. Militao is contracted until 2028.
Rudiger and Arda Guler celebrate against Bayern on Wednesday (Adam Pretty/Getty Images)
Academy graduate Raul Asencio, 23, was promoted to the first team during an injury crisis in 2024 and signed a new contract until 2031, which has not been officially announced. He is considered transferable.
Dean Huijsen, 21, has not played every week and has had some injury problems this term, but he is still considered a key long-term figure following his £50million ($67.6m) signing from Bournemouth last summer.
While Madrid might require at least two further signings in central defence, the picture at left-back is not as urgent.
Alvaro Carreras arrived last summer for €50million from Benfica and is under contract until 2031. Ferland Mendy has once again been hampered by injuries this season, but he has performed well when needed and has been praised by Arbeloa and fans. According to club sources, the contract renewal he signed in 2024 runs until 2027. His camp says it runs until 2028.
Fran Garcia is tied down until 2027. He had an opportunity to leave for Bournemouth in January, but Madrid blocked the move, as reported by The Athletic. His situation could be revisited in the summer, with no indication yet of renewal talks taking place.
Midfielders
This is another key area where reinforcement is definitely needed.
There is a danger of dwelling on nostalgia when considering the departures of Luka Modric in the summer and Toni Kroos the year before, but Madrid have clearly lacked a player capable of dictating tempo in midfield since they left.
The emergence of 18-year-old academy graduate Thiago Pitarch provided a useful solution following injuries to Bellingham and Dani Ceballos, but it remains to be seen whether he will be given time to develop further under a new coach.
One case that should be under review is that of Eduardo Camavinga.
While he has consistently expressed a desire to remain at Madrid, his fifth season at the Bernabeu has raised doubts over his place in the team. His performance at Bayern on Wednesday was the latest in a series of disappointing displays.
Camavinga was sent off against Bayern after receiving a second yellow card (Alexandra Beier/AFP via Getty Images)
Despite his proven quality in moments, he seems to have suffered from episodes of poor concentration in key matches. Now 23, he arrived from Rennes in 2021 and has still not fully established himself. He could be a good option for a sale if a strong offer were to arrive from the Premier League. His contract runs out in 2029.
As previously reported by The Athletic, Ceballos would like to leave. That has been the case in recent windows, due to his limited playing time and a desire to return to Real Betis. With his contract expiring in 2027, he is expected to depart this summer.
Any other midfield departures would be a surprise. Aurelien Tchouameni, Arda Guler, Federico Valverde and Bellingham are considered long-term pillars. But there is some uncertainty around the situation of Franco Mastantuono.
Mastantuono is only 18 but his €63.2million signing was Madrid’s most expensive last summer. Over the course of the season, he has increasingly lost prominence. However, his camp has not been considering an exit and points to cases such as that of Guler, who also needed time to make his mark. The question is whether he will get that time at Madrid if reinforcements arrive.
When it comes to names to watch in terms of incomings here, Nico Paz is probably the most important. Madrid retain a buy-back option for the 21-year-old Argentina international who has impressed at Como — as has 21-year-old centre-back Jacobo Ramon, another academy graduate.
Forwards
The need for reinforcements up front is perhaps less urgent, but we should still not rule out some change.
Despite being the team’s leading attacking figures, Vinicius Jr and Mbappe have still not fully clicked. Stretches where both have performed at their peak simultaneously have been rare. More often, those moments have coincided with the absence of one or the other. This is their second season together.
Their lack of work off the ball has also been a recurring talking point, with the issue impacting the collective — particularly in Mbappe’s case. But having players with galactico power and quality remains a strategic area for the club. There is limited appetite for a major rethink.
Mbappe celebrates with Bellingham and Vinicius Jr at Bayern on Wednesday (Adam Pretty/Getty Images)
Vinicius Jr’s contract expires at the end of next season, but he said in a press conference on April 6 that he wants to remain at the club “for many years”. Negotiations over a new deal stalled last year.
Meanwhile, Rodrygo will spend the summer sidelined with an anterior cruciate ligament and meniscus injury in his knee, ruling out any immediate sale. At centre-forward, Arbeloa has not often turned to Gonzalo Garcia, who emerged as a surprise joint top scorer at last summer’s Club World Cup. The plan, as reported by The Athletic, is to sell him.
Sources close to the 21-year-old say multiple options have been on the table since the winter window. With Garcia expected to leave, Endrick should return from his half-season loan at Lyon.
Another profile that has been missing since the departure of Joselu is that of a physical, experienced striker — a late-game option in matches where Madrid have lacked an edge.
