Sheffield Wednesday have signed one new player so far.
Two and a half months on and two games into the new Championship season, George Boyd remains the only fresh face at Hillsborough, despite one or two glaring holes in Carvalhal's squad.
Carlos Carvalhal, manager of Sheffield Wednesday
It has become evident over the past few weeks that financial fair play is more of a factor than many Wednesdayites had initially envisioned, but surely the Portuguese - who communicates daily with Dejphon Chansiri wherever the Owls' Thai owner may be - would have been briefed on the situation.
As it stands, acquiring those remaining three or four new faces would leave Wednesday with a squad of players at least 30 strong, which in an ideal world you would want trimmed to 25 - and then some.
Yet, those who were not offered contracts aside, only Filipe Melo has been successfully removed from the books at Hillsborough, and adding to that number appears to be proving more difficult than perhaps even those at the top of the club had foreseen.
Again, you have to question the initial recruitment process, to which Chansiri has already held up his hands, with even fringe players such as Lewis McGugan and Lucas Joao likely to earn, at a guess, £30,000-a-week combined.
Lucas Joao of Sheffield Wednesday
Throw in Atdhe Nuhiu, Marco Matias and Jake Kean and you are almost certainly exceeding £50,000-a-week between the five of them. Without wanting to sound harsh, that is £2.5 million-a-year potentially being wasted - given how much each of those contributed last season.
And while Wednesday's £3 million bid for Cardiff's Sean Morrison earlier in the window suggests the Owls still have a bit of room for manouevre, if Carlos wants his 'four or five' players, he is likely to need a helping hand from other clubs.