A relatively simple explanation because many have asked: Chelsea need something like £450m profit (could even be more) from 22/23 and 23/24 player trading to balance the allowable trading loss over the last 3 years (conservatively). I reckon they did around £100m player trading profit in 22/23 with around another £75m so far from Mount, Pulisic, PEA, Livermento sell on profit and Ampadu.
Amortisation rises when you buy and does not fall if you sell a youth player for a pure profit.
So Caciedo, Lavia and Olise will add not only, say, £35m of amortisation in 23/24 but also, say, £25m of wages.
That’s more than the likely trading profit of selling Gallagher and Hudson Odoi although assume maybe £12.5m wage saving. But they needed that for the existing deficit before Caciedo etc.
This leaves Chalabah and Broja as profit opportunities. Most of the rest are at best neutral in terms of profits - Ziyech could lose quite a lot, Kepa neutral, Cucurella has a book value so high he can’t be sold for profit, Sterling the same.
So they are many £10s of millions short of break even under PL P&S in 23/24 even if they managed to just about comply in 22/23 (which I’m skeptical about too).