One trophy in a season. For most clubs, that's a decent return. For Chelsea Women, winning only the League Cup last campaign felt like failure — and honestly, given what they'd built, it was.

The response? Blow it up and start again. Almost.

Out With the Old Guard

The list of departures reads like a who's who of recent WSL history. Millie Bright retired. Sam Kerr, Guro Reiten and Catarina Macario all headed to the NWSL. Johanna Rytting Kaneryd moved to Lyon. Niamh Charles — and this one stings a bit — crossed Manchester to City. The Emma Hayes era isn't just over, it's being actively dismantled, piece by piece.

Sonia Bompastor is now properly in charge of her own project. When she arrived, she inherited a title-winning squad and had Paul Green, a respected head of women's football, alongside her. Now it's Bompastor working with co-sporting directors Paul Winstanley and Laurence Stewart, and the Hayes old guard are gone. Four trophies across her first two seasons earned her the right to rebuild on her own terms. Now we find out what those terms actually look like.

She's brought in Katie McCabe from Arsenal, Melvine Malard from Manchester United, Giulia Dragoni from Barcelona, Manaka Matsukubo from North Carolina Courage, and Nelly Las from Leicester. McCabe is the one that turned heads most. Arsenal letting a 30-year-old Republic of Ireland captain walk after a phenomenal season looks increasingly baffling, and Chelsea made sure she felt wanted. She brings Champions League-winning experience, versatility and the kind of competitive edge this squad is going to need. Turning from villain to hero in the eyes of Blues fans will be part of the fun.

Bompastor said it herself: "I said last season we are facing a transition, and I think we are rebuilding in terms of refreshing the squad, rebuilding the culture within the team." No spin there. She knows exactly what this season is.

The Numbers Don't Lie

Chelsea's attacking output dropped sharply last season — 44 goals, down 12 from 2024-25, which was itself 15 fewer than the season before. Shots inside the box fell from 332 to 315 to 269 over the same period. That's a problem, and it's the area where the new signings need to deliver.

Financially, the club posted £21.3m turnover for the year ending June 2025, up from £11.5m. Broadcast and matchday revenue both rose. Their post-tax loss jumped from £8.42m to £17.10m, though a significant chunk of that was the £12.08m purchase of Kingsmeadow. Speaking of which — all WSL home games move to Stamford Bridge this season, with cup fixtures at AFC Wimbledon's Cherry Red Records stadium. Arsenal's matchday revenue for the same period was nearly double Chelsea's at almost £6m. That gap tells you why the Stamford Bridge move matters.

Keep an eye on Lola Brown too. The 18-year-old academy product impressed on loan at Crystal Palace and has signed a new deal. She's highly rated internally and looks ready to contribute properly.

Our verdict: Third feels about right. Bompastor is a quality manager and this squad, even mid-rebuild, has serious depth. But Manchester City are champions and the departures are real losses. Chelsea won't implode — but they're not favourites either. This is a transitional season with trophies still possible. Whether that's good enough for Chelsea standards, we'll find out.