ffp doesn't exist if you got money
I read some accounting analysis which suggested that Chelsea will continue to spend like lunatics for two more windows (basically until the summer of 2025) signing players to very long term deals (usually 7-8 years) at which point they won't be able to spend more than they generate for the remainder of those contract years.
In other words they're taking a massive risk and gambling on these huge signings coming through, but should these signings not work out and should they not be able to flip them at that point, they'll be stuck with the squad that they have. That's why they're trying to supplement these big signings with Casadei type signings, they're basically buying 50 players for an insane outlay and hoping some sort of squad materializes from that pile which will carry them through this said eight year period, at which point they'll supplement the squad with the youngsters they have and go on another spending spree again.
Another risk is contract renewals. All these mega signings take heavy-duty financial planing and leaves little wiggle room. They have key players like Chilwell, Kante, Kovacic, Mount, Havertz and Pulisic all nearing the ends of their deals, and while all their signings until now had high transfer fees with low wages these renewals will require them set new precedents but they'll be limited with the lack of extra space they have in their wage bill due to aforementioned planning prioritizing spreading out amortizations with long term contracts.
I think it's all quite stupid and they'll stay out of the CL for some time. They haven't spent wisely at all.