I hope (and expect) there will be more players coming in - and a few more going out.

But for now it looks like we have traded Ugbo and Panzo for Diedhiou and Phillips. Is that an upgrade or not?

It seems to me the loan swaps should improve the team a bit. Nothing dramatic, and dependent on Diedhiou's match fitness, but a slight improvement.

But neither of those moves is an investment in the future. The u21 loan moves may be more significant for that. Unless a couple of young permanent deals - investments in quality and future value - are done before close of play tomorrow.