With the transfer window closed for the season, Premier League teams will be finalising their 25-man squads to see out the campaign.
January is usually a busy month, with title contenders hopeful of securing that final important piece of the puzzle, while relegation battlers frantically panic buy in the hope of salvaging their Premier League status.
This year it was the scrappers who did the biggest business - QPR and Newcastle were two of the largest spenders.
Harry Reknapp's side splashed out for France international Loic Remy, while they brought former-Blackburn defender Christopher Samba back from Russia for £12.5m.
And Newcastle continued the French refit of St James' Park - buying a number of stars from Ligue 1.
So, who are the biggest winners from the January transfer window? It's early days, but it's still pretty easy to see who's done the best business, and who's been royally ripped off.
GMF looks at the winners and losers from the window, as the dust settles on another manic month.
Alan Pardew's side find themselves battling to preserve their Premier League status, and January didn't start well when Demba Ba departed for £7.5m.
But owner Mike Ashley has invested wisely, bringing in no less than five players from France to supplement their injury-prone squad.
Their Ligue 1 scouting network certainly earns it's money - and the Magpies seem to have dislodged Arsenal as the club with the biggest presence in the country.
Mapou Yanga-Mbiwa is a fantastic prospect - wanted by Arsenal at one stage - while Yoan Gouffran is a higly-rated attacker. And £2m for Moussa Sissoko also looks like a steal - and he proved instrumental as Newcastle won a crucial relegation battle against Aston Villa earlier this week.
Wesley Sneijder and Didier Drogba in one window? Yes, it's been a fantastic month for the Turkish club - signing two of the game's biggest names in the space of a few weeks.
God only knows how much they're paying in wages, but with both stars eligible for the Champions League, they've immediately upgraded their chances of progressing into the competition's latter rounds.
The Reds have a mixed record in the January window - in the 2011 episode, they splurged more than £50m on deadline day. Andy Carroll has since proved a £35m flop, while Luis Suarez a £23m masterstroke.
Their activity this season has been more measured, but the addition of Coutinho from Inter Milan and Danny Sturridge from Chelsea fits the profile of Brendan Rodgers' squad - young, talented and with a point to prove.
Two fantastic comeback wins for Reading have propelled them back into the survival race, and Brian McDermott seemed desperate to capitalise on the momentum.
The Reading boss was linked with both Gylfi Sigurdsson and Blackpool's Thomas Ince - but missed both. He even admitted today he made three bids for the Icelandic international - but was rebuffed each time.
Reading will now have to battle for survival with what they've got - and not many pundits are giving them too much of a chance.
The defending Premier League champions needed something big this month to turn the tide in the title race. Everything has been going Manchester United's way this season, and Sir Alex Ferguson's side look well-placed to wrestle back the Premier League crown.
A big-money move for a striker could have been a game-changer - instead they sold Mario Balotelli for £17m to AC Milan, and brought in a youth-team striker from Ghana.
City aim to meet the financial fair play regulations, and no doubt this featured in their January transfer window planning, but the money from the Balotelli deal could have been put to use for a replacement.
The likes of Falcao and Edinson Cavani have been linked, but it looks like City fans will have to wait until the summer. By that time, they might not be defending champions any more.
Tottenham's passive approach to the transfer window may end up costing them fourth spot, and a crucial Champions League qualification place.
They're well-placed, and currently occupy fourth, but they could have sealed the deal with a big move for a quality striker. Instead, they did what they usually do - leaving it late on deadline day as they looked to pinch Leandro Damiao from Internacional on the cheap.
It didn't work it, and Spurs will now have to wait until the summer. With Jermain Defoe injured, and Emmanuel Adebayor at the Africa Cup of Nations and out of form, Spurs even recalled Harry Kane from Norwich. They're desperate.
So, who do you think are the big winners and losers? Have your say below...