The rebuild that is needed is overplayed here just because of poor results. Obviously they need players but they have good team.
I think there is no argument that they need an LB, RB, CB, DCM to start. The full backs are extremely sub par and they don’t come cheap anymore. Their options in those positions aren’t good enough.
They need a really solid, dependable CB too. Vertonghan is done and Alderweireld isn’t the same player. Guys like Sanchez and Foyth are not good enough to be starters. They concede two goals basically every game.
They don’t have any option at DMC in the whole squad bar Dier, whose form has dropped off a cliff.
Those are all essential buys.
Few would argue that Kane shouldnt play every game of a normal season, especially if they are in Europe. So another CF is a must, unless you want to move Son out of position and also play him every single game too.
Then you get to the more debatable positions. Lloris isn’t getting any younger and their backup isn’t a good keeper. Dele Alli hasn’t been consistently good for a long time now and has the creativity of peak Eriksen been fully replaced?
So absolutely essential signings...
RB, CB, LB, DMC and backup CF, with GK on the horizon.
And even then, you still might need another few players to really replace Eriksen and Alli.
That is a lot for any club, nevermind a club paying for a brand new stadium.
They didn’t properly invest for years. They should have sold Toby, Eriksen, Dier and Vertonghan gradually and refreshed the squad. They didn’t do that and they let it get stale.
I think they have too much to do and people are overrating the squad they have now, but time will tell.