the main issue on the transfers during the first Galácticos era at Real Madrid between 2002 and February 2006 (when Florentino Perez resigned) was the lack of balance; too many attacking outlets and few defensive transfers. if I was Perez at that time, I would do it a bit differently, balancing between attacking and defensive, and also between popularity and necessity. here is how I would do it:

(note: all ages are as of 1 July of each year)

  1. Summer transfer window 2002:
  • signing #1: Alessandro Nesta, CB, age 26 at that time, Italy, transferred from Lazio (expected to replace Aitor Karanka and Iván Campo, and to be the partner of either Fernando Hierro or Ivan Helguera on the centre-back position)
  • signing #2: Esteban Cambiasso, DM, age 21 at the time, Argentina, transferred from River Plate (actual signing)
  • signing #3: Ronaldo Nazário, CF age 25 at that time, Brazil, transferred from Inter Milan (another actual signing; if it was not him, my alternative would be the 27-year-old Dutch Roy Makaay from Deportivo La Coruña)

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  1. Summer transfer window 2003*:
  • signing #1: Walter Samuel, CB, age 25 at the time, Argentina, transferred from AS Roma (became Real Madrid’s actual signing in 2004, but the transfer could have been more impactful if it was a year earlier as the replacement of Fernando Hierro, who left for Al-Rayyan)
  • signing #2: Massimo Ambrosini, DM/CM, age 26 at the time, Italy, transferred from AC Milan (estimated to be the replacement of Claude Makélélé, who moved to Chelsea; also chosen due to fierce competition at AC Milan against Andrea Pirlo, Gennaro Gattuso and Cristian Brocchi)

*no need for redundant signings like David Beckham, because the club already had Luis Figo, who played in the similar position.

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  1. Summer transfer window 2004*:
  • signing #1: Michael Owen, CF, age 24 at that time, England, transferred from Liverpool (actual signing; without the weird “having-to-play superstars” policy, he would have got more playing chances, especially if Ronaldo Nazário got injured while also having weight issues, and stayed in Madrid for a bit longer)
  • signing #2: Michael Essien, DM/CM, age 21 at the time, Ghana, transferred from Olympique Lyon (estimated to be the replacement of Esteban Cambiasso, who moved to Inter Milan, and Flávio Conceição); if it was not him, my alternative would be the 22-year-old Xabi Alonso from Real Sociedad

*no need for other transfers like Jonathan Woodgate and Thomas Gravesen, because, according to this scenario, we already brought defensive transfers for the past two years.

up until this part, unlike in real life, the team would be a bit more balanced with at least one more true defensive-minded midfielder. Let’s compare the line-up of the Clasico on 20 November 2004 to the hypothetical version according to this scenario:

Actual:

GK: Casillas
DF: Francisco Pavon, Walter Samuel, Michel Salgado, Roberto Carlos
MF: Guti, David Beckham, Luis Figo, Zinedine Zidane
FW: Raúl González (SS), Ronaldo Nazário (CF)
Head coach: Mariano García Remón

Hypothetical:

GK: Casillas
DF: Alessandro Nesta, Walter Samuel, Michel Salgado, Roberto Carlos
MF: Michael Essien or Xabi Alonso, Massimo Ambrosini, Luis Figo, Zinedine Zidane
FW: Raúl González (SS), Ronaldo Nazário or Roy Makaay (CF)
Head coach: Vicente del Bosque (who would hypothetically stay until at least the end of the 2006-07 season)

as can be seen, on-paper it looks a bit more balanced between attack and defense, and the club would have been a bit more fortunate.

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  1. Summer transfer window 2005:

I mostly agree with their 2005-06 signings, except for maybe two Uruguayans Carlos Diogo and Pablo García.