Warning- it's a long post and largely me just thinking out loud.
If we're smart, team will be ready to compete for title(s) (I'm assuming we still advance in CL and FA Cup) in January.
Again, if the club is smart and ambitious (assuming no sanctions from FFP stuff), we can start to compete on all fronts next season.
I think in January the team needs 2 player. A def who can cover CB and RB and a midfielder who can play both 6 and 8. If we get this done and then continue to get healthy we can compete in knockout competitions, I think. Maybe the goal will be to prioritize coming top 4 in prem. Who knows?
For this exercise, let's assume we get Valencia's Pepelu for mid and Monaco's Singho for def. Both would probably cost between 30m-40m, I reckon. Those are good reinforcements especially with Bobb coming back and hopefully Manu, Foden and Kova back quick. Echeverri is a 10, who is also set to join but idk how much help he will be this season.
(Please note I have no clue about foreign spots and registering players and all that. Although deregistering Rodri should clear up a foreign spot)
In the summer, city will need to get their targets in early and will need more reinforcement. This includes recycling all 3 aspects of the team. I love Ake and Stones but they are simply not reliable. Kevin, Gundo and Bernie likely need replacing with their legs gone. I think Kevin leaves to USA on a free. Need a backup for Haaland and maybe another winger? Perhaps someone who can offer scoring like Raz and Riyad did.
For GK, we let Eddie go. Great servant but it might be time. Go with Ortega as the #1 until we find someone long term. Maybe buy back James Trafford? He's having a good season in the championship and can deputize Ortega. Other options is maybe someone like Zetterer from W. Bremen. A really good veteran goal keeper who shouldn't cost much and could be the #2 here.
For def, one solution is to trigger the buy back on Hardwood-Bellis. He can replace Stones in the squad. We keep Ake for one more year to cover CB and LB. However, we invest in a proper LB? Maybe Kerkez? I have been following C. Doyle in the championship and he is having a very nice season. He can also fit as a depth CB/LB. He is better than Simpson-Pusey, currently.
For mid, we need a creative presence or kinda change how we play. Echeverri is a proper #10, a vertical player who can create shot creating and playmaking chances. He's also a virtual unknown so he will be considered depth until he proves he can provide anything tangible. We have been heavily linked to Zagreb's Baturina, who plays a lot like a mini KDB. However, again going from Zagreb straight to City is a tall task. Obviously there are big Bundiesliga players like Wirtz, Musiala and Xavi Simmons that people want. If we can't finalize them, Charles De Ketelaere from Atalanta is someone to look at. He can play 8, 9, false 9, 10, etc and plays in a high pressing system. Would've probably been the ideal Alvarez replacement.
I wouldn't be opposed to double dipping at the midfield spot. A player profile that I think we need is a Vitinha (PSG) or Reijnders (Milan). A do it all player of sorts. Both of those guys will be hard to get but that is the profile to go after. Also I see Macca getting solid and Nico going on loan.
For attack, the simple option is to buy back Delap to deputize Haaland. As for the winger spot, we will have Doku, Savio and Bobb. The name (that is attainable) I will throw out is Alex Baena. Elite chance creation rates and has an affordable release clause.
This will never happen due to the sheer volume of outgoings and incomings but for an aggressive rebuild in the next 2 windows you can do:
Out:
Stones
Grealish
Walker
KDB
Bernardo
Ederson
Nunes
Kova/Gundo- I see one staying. Kova to Saudi and/or Gundo to MLS can happen, in my opinion.
In:
#2 GK
Pepelu
Singho
Kerkez
Delap
Hardwood-Bellis
Baena
A #10
A #8
GK:
Ortega
Trafford/Zetterer
Carson?
DEF:
CB Dias
CB/LB Gvardiol
CB/LB Ake
CB/RB Singho
CB/RB Akanji
CB/LB C. Doyle
LB Kerkez
RB/CM Rico
MF-
A #10
A #8
Pepelu
Foden
Echeverri
Rico
Kova/Gundo
Wright/Nico
Rodri (don't think he will be fully back until end of 2025 or early 2026 just to be conservative. Rehab and rust are unpredictable)
ATT-
Haaland
Delap
Savio
Bobb
Doku
Baena
Again, this is super aggressive and me kinda just thinking out loud. This can be done in 2 windows but more than likely it will a little bit longer to recycle the entire squad. To add, the names of any incomings aren't as important as the profile that we should target. It's clear the club needs to get younger and more athletic.