This is the approach I prefer personally. Sell the players who are not good enough and use youth/cheaper options to replace that have the potential to grow.I think what is more important is moving out the deadwood.
I honestly would almost prefer if they went with a younger, cheaper approach to rebuild the team than throwing around big money for older, mediocre players.
Obviously the best move would be buying top level, expensive young good players but that will never happen.
My concern is that no Europe allows Levy to do nothing and use no Europe as an excuse. CL or no CL shouldn’t impact us selling Sissoko, Aurier, Winks, Lamela, Moura, Dier, Sanchez but Levy likely uses it as a reason which is my concern.
However, if he is keeping Jose it could be a good thing if it prevents Jose from spending big money on the crap Jose would want.
Realistically Spurs can afford this type of window without Europe (numbers are from transfermarket then I took 5-8m off since I underrate our players)-
Sell (profit 99 million)
Sanchez - 20m
Dier - 15m
Sissoko - 12m
Winks - 15m
Davies - 12m
Aurier - 12m
Gazzaniga - 3m
CCV - free
Foyth - 10m
Buy - 2 CB's, RB, LB (if Reguilon leaves to Madrid), ST
GK -Lloris(34)/Whiteman(22)/Austin(22)
RB - Tanganga(22)/Doherty(29)
CB - Rodon(23)/Toby(32)/new CB/new CB (add a 3rd CB if big offer comes for Toby)
LB - Reguilon(24)/Sessegnon(21)/Cirkin(18)
DM - Hojbjerg(25)/Skipp(20)
CM - Ndombele(24)/Lo Celso(25)/Dele(25)/White/Devine(16)/Bowden(19)
RM - Bergwijn(23)/Lamela(29)/Lucas(28)
LM - Son(28)/Clarke(20)
ST - Kane(27)/Parrott(19)
Ideally, we add a younger, more attack-minded manager but that's a different discussion.

