The deal that didn’t happen best defines the landscape of European football after a summer transfer window that saw unexpected moves by Lionel Messi and Cristiano Ronaldo.

Kylian Mbappé will remain with Paris Saint-Germain this season, and the star French forward could leave for Real Madrid as a free agent at age 23 next summer for free rather than for a fee that could have exceeded $200 million now.

A decade into ownership that leads to the emir of Qatar, PSG is among the few clubs able to weather the pandemic, protected by its sovereign wealth. The club benefits by UEFA’s Financial Play Fair being in flux during an overhaul, rules that often appeared flimsily applied.