It does apply, and that’s why they are offering 7.5 and 8.5 year contracts, because FFP applies and this allows them to effectively halve the annual cost in comparison to a standard contract length. So they can in theory spend double what a team offering 4 year deals can. But the downside is they are paying these deals off for twice as long. They counter that by buying young, gifted players, presumably with the thought process of heavily reducing spending after this initial investment phase. It might work for them in terms of success on the pitch, or it might not. But what they’re unlikely to do is fail FFP as their contract strategy shows they are not ignoring it.