by Jerrad Peters

We didn’t get the big deal we thought we might. After the dust of the 2011 European summer transfer period storm settled, Luka Modric was still at Tottenham Hotspur, Wesley Sneijder was still at Inter Milan, and despite some ridiculous, late-evening rumours about a possible move, Kaka was still at Real Madrid.

None of this is to say that deadline day was dull and unproductive. Quite the contrary. As zero-hour approached a good many clubs (such as Arsenal, Roma and Espanyol) made meaningful moves that will have them in a better position after the international break than they were entering it. By the same token, many clubs (Everton, Wolfsburg and Lazio among them) lost key personnel and are in substantially worse shape than they were 24 hours before the watch was stopped.

As far as the buying clubs are concerned, very few of their acquisitions will have an immediate, impacting effect. But a few months down the road—about the time that title and relegation races will begin to be sorted out—their quality, or lack thereof, will become evident. And in several cases, business done on deadline day won’t produce results for one, two or even three years.

So what makes a “good” transfer? Is it plugging a hole in a squad? Is it getting a good asset at a reasonable price? Is it signing a player who can eventually be turned into a profit? Is it adding that last, elusive piece of the puzzle?

The answer has more to do with the club and its individual needs and ambitions more than anything else, which is what makes evaluating a club’s performance in the transfer market especially difficult. It’s not cut and dry; it’s not black and white. But when you take into consideration all the elements listed above and blend them with a combination of a club’s reality and expectations, you get as close an assessment as is possible to get.

With that in mind, here is a selection of five of Wednesday’s best transfers.

1. Raul Meireles: The 28-year-old Portugal international was perhaps the only positive fallout from the ill-fated Roy Hodgson regime at Liverpool, although he never really caught on under current manager Kenny Dalglish. An obvious cast-off to start the season, Meireles joined Chelsea at the 11th hour on Wednesday, where he’ll be reunited with former Liverpool teammate Fernando Torres and ex-Porto coach Andre Villas Boas. Meireles, who scored five Premier League goals last term, will add an element of penetration and purpose to the Blues’ midfield, as well as a threat of goal from distance. At £12 million, he represents good value for Chelsea and a small profit for Liverpool. Everyone wins.

2. Gueida Fofana: The star of France’s effort at last month’s U-20 World Cup, Fofana was a man among boys in Colombia as Les Bleuets wound up in fourth spot—their highest ever finish at the competition. For his efforts, the 20-year-old was named a finalist for the Golden Ball, having generally impressed with his ability to not only shield the back four, but also provide the champagne pass and go on the odd, bombing run upfield. A defensive midfielder with a physical edge, he has some experience as a defender and is the sort of versatile player invaluable to a manager. He moved from Le Havre to Lyon on deadline day for the cut-rate price of €1.8 million, easily the bargain of the transfer period.

3. Diego: In 2009, on the back of three spectacular seasons at Werder Bremen, Diego made a big-money, €24.5 million move to Juventus. A year later, having been thrown under the bus as the Old Lady endured a difficult campaign, he returned to Germany in a €15.5 transfer to Wolfsburg. Another 12 months on the 26-year-old was loaned to Atletico Madrid in a deal that, if made permanent, will rise to €10 million. It’s not exactly the sort of financial trajectory you’d expect from a supposedly elite playmaker, supposedly in his prime. Having said that, there’s no disputing Diego’s abilities. This is a man with 33 Brazil caps who operates best at the tip of a midfield diamond. Manager Gregoria Manzano will set the team up around him in Madrid, much like Thomas Schaaf did in Bremen, and will get quality service to his strikers as a result. The link-up between Diego and Radamel Falcao could be particularly effective.

4. Fernando Gago: In his last four seasons at Real Madrid, Gago’s appearances dwindled from 42 to 33 to 22 to seven. Some of this had to do with injury; a lot of it had to do with the flavour-of-the-month culture in the Spanish capital. Since the 25-year-old predated the latest Florentio Perez spending spree, he simply became an unfashionable choice in the starting 11. Pity, because when given a stretch of games the Argentina international is a very useful deep-lying midfielder. Similar in many ways to Michael Carrick at Manchester United, Gago isn’t flashy and isn’t your typical burly, physical defensive midfielder. Instead, he plays a lot of clever touches and can regain the ball without chopping down the opponent. Roma acquired him on loan from Real Madrid on deadline day and have a €6 million option to buy him outright at the end of the season.

5. Wilson Palacios: Perhaps more than any team in England, Stoke City used the summer transfer period—and deadline day, in particular—to adjust the expectations of a club going forward. Already in this season’s Europa League group stage, The Potters now look to be a side in contention for a European place year after year. No doubt Wilson Palacios will be a large part of it. The 27-year-old Honduras international is a swashbuckling defensive midfielder who will make Stoke even more difficult to play against on those notorious Wednesday nights in winter. Ideally suited to the English style of football, Palacios was seen as expendable by Tottenham Hotspur Herry Redknapp, who seems to prefer both Tom Huddlestone and Sandro. As such, he was a £6 million for Stoke boss Tony Pulis.

Follow Jerrad Peters on Twitter @peterssoccer.