There is the short-term, practical reality of the situation, and then there is the bigger picture of what it all says about the state of the club.
On the first count, Saints probably did what they had to do over the last month. On the second, however, it is much harder to stomach.
In the immediate here and now, this was a dull, uninspiring window, and one that does not scream ambition, but it was also a largely sensible one.
The two positions under the microscope going into January were obvious: a goalkeeper upgrade and a physical, experienced forward.
Saints addressed both. Daniel Peretz is not flawless. His command of the six-yard box can be shaky, but he has already appeared to be an improvement.
Daniel Peretz has already made vital saves for Saints (Image: Stuart Martin)
He is a senior international, a leader, and a goalkeeper who communicates. That alone marks a change. A louder dressing room has long been needed.
Up front, Cyle Larin is unglamorous, as January signings often are. He is 30, six foot two, cheap, and has just one goal to his name this season.
But he has more than 250 senior appearances behind him, has played in respectable leagues, and, hopefully, knows how to occupy centre-backs.
He can hold the ball up and he can give Ross Stewart the rest and rotation he needs. Stewart, when fit, should still be Saints’ number nine.
Cyle Larin signs alongside director Johannes Spors (Image: Southampton FC/Matt Watson)
This window probably needed to happen. Saints were not in a position to gamble. They could not repeat the costly mistakes of January 2023.
When £50million was thrown at Paul Onuachu, Kamaldeen Sulemana, Mislav Orsic and Charly Alcaraz, it was a panic that only caused long-term problems.
They have also done something they failed to do in the summer. They balanced the books. Or at least, they tried to. Over £15m has been recouped.
Significant wages have been saved by shifting Damion Downs, Armel Bella-Kotchap, Ryan Fraser, Joe Aribo and Gavin Bazunu, on loan or for good.
As a result, head coach Tonda Eckert is now working with a manageable squad of 26 at full strength, rather than 30 plus. That alone is progress.
With a seven-point gap to sixth and just 16 games left, Saints might still sneak into the play-offs. Winning them would be another matter entirely.
They have to plan for another season in the Championship.
There is also no certainty that Eckert will still be in charge come the summer, so spending big money on him in January would have made little sense.
Tonda Eckert’s head coach contract runs until June 2027 (Image: Stuart Martin)
But none of those justifications and defences are down to bad luck or some external force conspiring against Saints. This situation is self-inflicted.
The bloated squad was not imposed on the club. It was built, slowly and expensively, through repeated failures to make hard decisions sooner.
Players signed four years ago were still hanging around, unwanted and unused.
Downs, acquired for £7m as a marquee addition just last summer, is the biggest blot on the record of technical director Johannes Spors.
It should be said that, to be fair, and despite Southampton’s troubles, most of the signings made by Spors this year have been good players.
But Downs is not the only example. Saints have signed players on the whim of inexperienced managers who did not fancy those already at the club.
James Bree is a case in point. Cast aside in the summer and replaced by Mads Roerslev, who has spent the season injured, Bree now looks set to start again.
James Bree spent half the season on loan at Charlton (Image: PA)
Sam Edozie remains at the club but has not played a single minute, with no clear explanation. Aribo’s fate was sealed when his pre-season was cut short.
To raise funds, Saints have had to sell their top scorer, Adam Armstrong, for an initial £7m plus £2m in add-ons, and one of the Championship’s most promising young defenders, Ronnie Edwards, for just £4.5m.
Both players wanted to go, which complicates matters. But players wanting out reflects either the atmosphere at the club or their man-management.
Since September 2024, only club captain Jack Stephens has chosen to sign a new contract. In the 12 months before that, five first-team players did, including Armstrong, Alcaraz and Jan Bednarek.
Why does it now feel like so few players are desperate to stay at St Mary’s?
Jack Stephens signed a three year deal in July 2025 (Image: Matt Watson / Southampton FC)
Saints are right not to gamble financially on a long shot at sixth, but with one of the biggest budgets in the Championship, they should not be 14th.
In isolation, this January window was sensible. What it represents is years of poor management of the football department and an erosion of standards.
There will be more sales this summer if Saints do not pull off a miracle.
They deserve credit for turning down eight-figure offers from West Ham for Taylor Harwood-Bellis, just as he deserves credit for his professionalism.
Taylor Harwood-Bellis could depart Saints in the summer (Image: PA)
But his future will be uncertain again soon. Shea Charles, despite an extension clause to 2028, is another who could be circled this summer.
The winter window Saints have just endured is probably a sign of the times. Most of the individual decisions made have sound logic.
It is what they collectively reveal, and how clearly they expose the mess Saints have slipped into, that makes this viewing so uncomfortable.