At a time when transfer figures on Cricket Exchange can make every decision look sharper, Real Madrid seem ready to make another baffling move. Put two choices on the table: spend EUR 9 million to buy back their own academy gem, Nico Paz, a 21-year-old Serie A Midfielder of the Season who has just led Como into the Champions League for the first time, or spend nearly ten times more, around EUR 90 million, on Matheus Fernandes, a midfielder from a relegated Premier League side who produced only three goals and four assists in the league.

Real Madrid’s new head coach Jose Mourinho has chosen the second path without hesitation. This is not only about money. It feels like handing the heir to Luka Modric straight to a future Champions League rival. The story starts with Nico Paz, born in 2004, who joined Real Madrid’s academy at the age of eight and rose through the youth ranks all the way to Castilla. In the 2023-24 season, he scored his first senior goal for Real Madrid in a Champions League match against Napoli and later won the trophy with the squad.

In the summer of 2024, Real Madrid sold him to newly promoted Como for EUR 6 million, while keeping two buyback clauses in the deal: EUR 9 million in 2026 and EUR 10 million in 2027. At the time, Madrid may have thought it was a simple win-win move. Let him develop elsewhere, then bring him back at a low price when he was ready.

Paz then exploded in Serie A. In 2024-25, he started 30 matches, scored six goals, provided eight assists, and won the league’s Best Under 23 Player award. In 2025-26, he went even further, producing 12 goals and six assists in 35 Serie A matches and winning Serie A Midfielder of the Season. Across two years, he posted 19 goals and 17 assists in 75 matches, dragging a once unnoticed promoted side into the top four and securing a place in next season’s Champions League. His Transfermarkt value climbed from EUR 6 million to EUR 80 million.

Back in Madrid, the tone changed as soon as Mourinho arrived. He made it clear that he did not want so-called star players. He wanted defensive midfielders who were hungry to win, willing to run, and ready to sacrifice. The player he favors is West Ham’s Portuguese midfielder Matheus Fernandes. The 21-year-old has just gone down with West Ham, and his Premier League return was only three goals and four assists in 36 matches. Still, Mourinho has fixed his eyes on him.

So what level is Matheus Fernandes really at? His defensive numbers are attractive: 2.9 tackles per match, 5.5 ball recoveries, an 87 percent passing accuracy, and a 62.3 percent long-pass accuracy. The problem is that he is a pure defensive worker, technically limited and not especially creative. His ability to organize play in midfield is nowhere near Paz’s level. Worse still, his price has been pushed up to EUR 90 million, with West Ham refusing to lower their demand.

What does EUR 90 million mean in this market? In June 2026, that kind of money could buy Sporting captain Morten Hjulmand and still leave room for a reliable backup winger. Real Madrid already have an academy-made talent valued at EUR 80 million, with a buyback fee of only EUR 9 million, yet Mourinho has no intention of using him. Some outlets have already done the math: buying Paz back would cost only EUR 9 million, while selling him on could bring at least EUR 60 million. That profit alone could help Madrid sign two quality midfielders. Instead, Mourinho’s choice is to let Paz walk away and spend EUR 90 million on a player from a relegated team.

By June 2026, Real Madrid’s academy system had already been described by many insiders as the most luxurious waste in football. Nico Paz is not the first talent to be given up, and he will not be the last. In the 2023-24 season, several promising Castilla players were either sold cheaply or loaned out and never truly brought back. Madrid’s hierarchy had already faced internal doubts in April 2026, when the decision to let Modric leave was viewed as a fatal mistake that led to a midfield collapse. Only two months later, the same mistake appears ready to happen again.

What makes it even harder to understand is Paz’s own attitude toward a return. On June 17, 2026, Fabrizio Romano confirmed that Premier League champion Arsenal were pushing hard for Paz with a rich offer, but the player rejected it outright. At the same time, Real Madrid’s attempt to activate the buyback clause and bring him back to the Bernabeu was also rejected by Paz. His stance was clear: he would rather stay at Como, continue working under his mentor Cesc Fabregas, and play Champions League football than return to Madrid and sit on the bench.

Why did Paz make that choice? The logic is simple. Madrid’s midfield already includes Jude Bellingham, Aurelien Tchouameni, Eduardo Camavinga, Federico Valverde, and newly arrived Bernardo Silva. The competition is brutal enough to take the air out of the room. After Mourinho’s arrival, the team’s direction shifted toward immediate results, and young players are unlikely to receive much patience. If Paz returned, he would probably spend long stretches waiting on the bench, lose rhythm, see his value drop, and eventually be sold at a discount. At Como, he is the absolute core, with Fabregas building the entire attacking system around him. His minutes and tactical status are both secure.

Como will play in the Champions League next season. A once overlooked promoted club has been carried into Europe’s top competition by a 21-year-old Argentine midfielder. If Paz continues to perform at a high level on that stage, his value will only rise. Real Madrid still hold a EUR 10 million buyback right for 2027, so they could theoretically bring him back next year. The real question is whether his market value may have passed EUR 100 million by then. Even if Madrid can afford it, will the player still want to return?

As squad debates across Cricket Exchange keep circling major European clubs, Mourinho’s June 2026 decision is pushing Real Madrid into an awkward corner. No one can say for sure what level Matheus Fernandes will reach after an EUR 90 million move. Mourinho likes his defensive data, but defensive midfielders have failed under him before. During his Roma period, he wanted Hjulmand, who later joined Sporting, became captain, led the club to a Portuguese league runner-up finish, and reached the Champions League. Meanwhile, the players Mourinho fought to buy at heavy cost have too often turned into a joke, and this deal now looks like another case of paying through the nose.