Of course, it all comes back to Kylian.

Real Madrid is out of sorts, and the Frenchman is part of that. As such, the glare falls on him. He’s the story, a dialed-down, diluted version of the soccer phenom he was upon arrival in Spain. A dizzied surfer unable to ride the waves he once could.

It’s true: Kylian Mbappé is below par, not in full flow. And in a sportscape where individuals are celebrated and picked apart as much as teams, he’s bearing the brunt at mighty Madrid. It’s also worth remembering that Mbappé is chalking up a goal every two games for Real—considered admirable for a forward, at least in a pre-Messi/Ronaldo/Haaland/Kane/Gyökeres age.

To say he’s the guy derailing Los Blancos is wide of the mark. Granted, if the 25-year-old galáctico ultimately flatters to deceive in his Madrid career, it will be a case of what might have been—a hyped addition who couldn’t deliver on his raw salary: €15 million ($16 million) after tax, according to ESPN, before a multimillion signing on bonus spread across his five-year contract—€150 million ($158 million) as per many reports.

Finances are beside the point, however. Despite splurging out on players when moved, Real is healthy enough financially, with huge revenues now hoisted by a money-spinning spacecraft of a stadium. Instead of Mbappé holding up his end of the bargain, this is about the club’s ostentation—an insistence on having the glossiest players in the world, and, on this occasion, losing sight of what matters most.

The Real Problem

Mbappé was seemingly en route to the Spanish capital for a while. And yet, Real has never been lacking without him.

There’s a vanity behind integrating individuals of his pedigree, especially at Real Madrid, and that is finally coming back to bite the Champions League and La Liga champion. Mbappé looks inhibited under the spotlight of his boyhood dream club. More pointedly, there’s a structural issue with the lineup; how do you accommodate the number nine, who is not a number nine and looks better in superstar Vinícius Júnior’s position on the wing?

While coach Carlo Ancelotti often relied on moments of individual magic last season, from heroes Jude Bellingham, Vinícius et al., there was an overall balance to Madrid. The loss of midfield controller Toni Kroos is more impactful than gaining a figure like Mbappé. Even the veteran striker Joselu, seen as a stopgap, was a central presence up front—which Real now misses—as an alternative to Vinícius, Bellingham, and Rodrygo in the frontline. Add in the fact Real had unstoppable momentum and self-belief, and it all clicked.

It’s easy to point the finger at Mbappé again here, considering he’s entered the picture and perhaps disrupted the rhythm. His game is about pace, flair, and goals—individualistic attributes that put him at the center of attention. There’s a fuss around him—he wants to become a legend at a legendary team (who wouldn’t?), and he’s been called a selfish genius with an ego on his face, a prima donna in the past. However, when you listen to the man, he comes across as mature and humble, partly because Mbappe’s parents have helped keep his fast feet on the ground.

This concerns Los Blancos. Before pouring every effort into solving the Mbappé puzzle, Real needs to fix itself—finding the tactical answers and inner steel responsible for its Champions League and La Liga trophy lifts earlier this year. With points to gain on Barcelona in Spain and 23 sides above under-pressure head coach Carlo Ancelotti’s selección in Europe, these are the ingredients for success—still very much within reach.