Glass half full view.
Calafiori: looks a player, will resolve some issues we've had with defensive fragility versus ability.
Merino: sucks he's injured but that's why we signed him. When he's back he'll give us the opportunity to protect our old men in midfield, and with any luck he'll do it before they get crocked themselves.
Sterling: if he's confirmed, he's a past matchwinner in this league and he's not ancient yet. He'll be motivated initially by the return to a competent club and might even recover great form here. If it's a loan it leaves us well placed for the further search.
Smith Rowe, Ramsdale, Nketiah: if all three transfers are confirmed that's £75m plus add-ons coming to the kitty which is a huge step forward.
Edit: glad to see Nketiah's exit confirmed.