Take a broader look and, whatever the club says publicly, it’s obvious the situation at Newcastle has shifted with all the recent comings and goings. The landscape is different now.
The club itself is changing—its owners’ objectives and its recruitment approach feel vastly different from just three years ago.
Back then, ambition felt boundless and the aim was to stand alongside the elite.
Now the strategy appears to be selling top performers and bringing in younger, hungry prospects. If sustaining top-four contention while doing that were straightforward, everyone would do it—but it isn’t.
Yes, spending always had to fit within the Premier League’s financial rules, but it still seemed the plan was to compete for trophies every year.
Think back to summer 2023: Newcastle had just finished fourth and added Tonali, Harvey Barnes, and Tino Livramento to a group that already featured Isak, Gordon, and Bruno.
It looked like a side ready to take on anyone, on any stage. Eddie Howe had turned them into a nightmare to play against.
Three years later, many of those players have moved on, the manager has gone too, and the entire model feels most altered.
The club’s targets have shifted dramatically from what was once declared to where things stand now.
When we won the Carabao Cup, I hoped it would be the start of something special. It seems a lot has changed since then.
Alan Shearer spoke to BBC Sport’s Chris Bevan.