Derby County have taken just two points from their last five matches.
The likes of Nick Blackman, Abdoul Camara and Marcus Olsson have all been signed by Paul Clement’s side so far this month, and Savage worries that the competition for places is becoming too fierce now.
"I hope Derby don't blow it this season. They have spent all that money but I am not seeing a settled team,” he said.
“I know you need a big squad but there can come a point where you have too many players.”
Derby have worried their supporters, after taking just two points from the last 15 available to them.
Paul Clement’s side looked to be in a title fight over the first half of the season, but they have fallen badly away.
Derby are now in fifth spot, and they are looking nervously over their shoulders - with fans fearing a repeat of last campaign.
The Rams were in the automatic promotion for much of the 2014/15 season, but a terrible last 13 games saw them slip all the way out of the top six.
Derby simply cannot afford for a repeat scenario to occur this time around, and they will be desperate to get back on track in their next league fixture against Preston North End.