Kylian Mbappe has chosen Real Madrid - but five things still need to happen before this transfer saga is officially over

Mbappe has been coy about this whole thing for months now, dodging questions on his future destination, while affirming his commitment to PSG until at least the end of the season. But he did come close to revealing that he has an exit route, acknowledging in January that he has "an agreement" with Nasser Al-Khelaifi about what might happen at the end of the season, even if he doesn't sign a new contract at Parc des Princes.

It was the kind of vague sentiment that Mbappe has lived off for years now, but given the circumstances, it stands as perhaps the biggest hint he has dropped yet. Mbappe is set to stay until the end of the campaign, and there is a plan in place to ensure that he can exit the club on reasonably good terms. This whole thing seems poised to be rather amicable - as long as he communicates his decision under the terms of whatever agreement might be in place.

Real Madrid, contrary to popular belief, are not made of money. Yes, they generate the most revenue out of any club in the world; yes, they have been granted the most room for player investment - a cool €728 million (£623/$782m) - under La Liga's financial rules, and yes, they were able to spend big on Jude Bellingham and Endrick over the past year or so.

But they're also rather financially prudent. There have been some expensive flops in the past, but in recent years, president Florentino Perez has been cautious in the transfer market. And for some players to come in, others will have to leave.

Luka Modric, for one, certainly appears to be in the twilight of his career. The Croatia midfielder has seen his minutes managed for almost three seasons now, and strongly considered a move to the Saudi Pro League last summer. At 38, it makes little sense for him to stay at the club for another year, and that would clear a reasonable €22m (£19m/$24m) from Madrid's wage bill.

Lucas Vazquez (€9m(£7.7m/$9.7m)), and perhaps Nacho (€8.5m(£7.3m/$9.1m)) could also depart, while Madrid face a decision over Toni Kroos' future, whose electric form could force them into offering the German another one-year deal.

Even if Kroos stays, Madrid are likely to have in excess of €30m to put towards an Mbappe contract. That won't be close to enough to meet his full demands, but it will certainly help move them in the right direction.

Mbappe's contract is complicated, and its details have never been made fully public, though The Athletic reported over the summer that the Parisians paid Mbappe €200m in the 2022-23 season alone. Regardless of the total figure, PSG have reported a base salary of €72m for their star man. The activation of other clauses would surely see that number skyrocket.

One such extra fee is the well-publicised loyalty bonus that Mbappe accrued upon his renewal with the club in 2022. That clause, which is renewable every year, guarantees the French forward €80m (£69m/$86m) for every year he stays at the club. It's an immense fee, the kind that has seldom been seen in world football before.

How, exactly, PSG will be financially compensated for Mbappe's exit is unknown, but he will certainly have to waive the extra chunk of cash he was set to receive from the club if he wishes to depart. That fee won't account for his value alone, but it will certainly allow the Parisians to save some cash towards buying replacements.

What do you give the player who has already turned down unimaginable wealth from Saudi Arabia?

Madrid certainly won't match that figure, or even come close. In all likelihood, they won't even be able to match Mbappe's current salary. They are, however, already preparing a handsome signing-on bonus for their newest free agent signing, and they will surely have to make Mbappe their highest-earner.

There also remains the contentious issue of image rights. Mbappe wanted full control of his brand at PSG two years ago, and never got it. Madrid were reportedly willing to offer a greater share at the time, and those fine margins could sweeten whatever package Madrid can put together.

Silly as it might seem, the manager still has a say here - at least in theory. This season has perhaps been one of Carlo Ancelotti's finest jobs. His Madrid squad seemed radically imbalanced heading into the campaign, as they had too many central midfielders and no true No.9, while they have lost three key players to ACL injuries over the course of the past six months. Most teams would crumble, but Ancelotti has instead constructed something remarkable.

Madrid play with four central midfielders, and can readily switch between a 4-4-2, 4-2-2-2 and 4-3-1-2. Vinicius Jr and Rodrygo have become impactful split strikers, while Bellingham is a world-class false nine. Mbappe, it would seem, doesn't fit the current system. He himself has been vocal in his desire to operate either as a left-winger or alongside a big centre-forward. Madrid already have a top-tier left winger in Vinicius, and the ageing Joselu likely isn't the type of strike partner he had in mind.

So, Ancelotti will have to be careful here. Mbappe will of course be a valuable signing, but slotting him in will require sacrifices elsewhere. Will the manager go back to three midfielders, and keep Rodrygo and Vinicius in the line-up? That would likely mean Mbappe playing as a central striker, while forcing Bellingham into a deeper role where he is perhaps wasted. Altenartively, playing Mbappe off the left likely means moving Vinicius from where he is most effective.

Mbappe has the potential to be something of a destabilising force for Madrid, and Ancelotti will have to be on board to ensure this deal finally gets over the line.