If the mercato finishes like this:
IN: Coman, Evra, Pereyra (loan), Lukaku (loan), Morata, Shaqiri
OUT: Peluso, Isla, Padoin, Vucinic, Quagliarella, Osvaldo, Pepe
....I would be pretty happy so long as we keep our existing stars.
Squad:
GK: Buffon, Storari, Rubinho
DEF: Lichsteiner, Caceres, Barzagli, Bonucci, Chiellini, Ogbonna, Evra
MID: Vidal, Pirlo, Pogba, Marchisio, Asamoah, Pereyra, Coman, Shaqiri
FWD: Tevez, Llorente, Morata, Giovinco, Lukaku
That squad is capable of playing almost any formation. So its tactically versatile. Nobody in their right mind would believe that Allegri is a better man manager/motivator than Conte, but he may actually be superior from a tactical point of view.
Assuming we got Shaqiri for 20-22m, Net spend would be ~15 after sales. P&L impact would be neutral in Year 1 as the transfer fees for Morata and Shaqiri would be amortized over the life of the contract - 5 years - and offset by the gains on sales of Immobile, Vucinic, Zaza. Wage impact would also be neutral I suspect.
Overall it would be a fairly cost effective mercato with arguably a better squad than last year capable of playing different formations.
I would give that mercato high marks if we were able to achieve it without selling Pogba or Vidal.