They have removed £207m worth of players with £77m of homegrown talent, three players ; Mason Mount, E Ampidu, RLF. Amortisation allows 4 to 5 times this value which allows them to spend £250-£300m from an FFP point of view providing they balance with sales which they have.
Chelsea previously found a loop hole in the system last season by amortising the cost of the £560m they spent by issuing 8 year contracts which allowed them to divide the net transfer cost by 8 years, so basically they spent £70m per year in their accounts and no longer had any debt associated with the club because of new ownership and Roman’s £1.25bn loan being written off.
They can no longer amortise the sales by 8 years after Cerefin blocked the loophole this season and made 5 years the maximum. The problem Chelsea have is FSP which is Financial Sustainability, they can only spend 90% of their actual revenue from 2022/23 season on Wages, Financials, Expenses, Agent Fees etc
So assuming they have a turnover of £500m, they can spend £450m on wages, net. Transfer, Financial and Agent fees.
The reality is the Chelsea Owners have found huge loop holes in the current FFP/FSP rules.