The Spanish and European champions arguably sold the wrong midfielder last summer, while they're also still feeling the effects of Qatar 2022.
"We are Real Madrid," Carlo Ancelotti defiantly declared after his side lost the Spanish Super Cup final to Barcelona on Sunday.
His team had just been handily beaten 3-1 by their biggest rivals, thoroughly outplayed in a Clasico that appeared to signal a shift in power.
The veteran manager's statement was one of reassertion, even assurance. And in a sense, Ancelotti is right. Real Madrid are so used to success that even the smallest of blips are made to look catastrophic. They are not La Liga's newest "crisis club".
But they have looked strangely beatable since the World Cup. Indeed, Madrid have only won two of their last five games in normal time, and even in victory have been far from convincing.
Fatigue is certainly a factor but it is not the only explanation. There are other issues at play here.
Madrid let defensive midfield stalwart Casemiro leave last summer, and his ferocity and bite are certainly being missed.
Meanwhile, Karim Benzema has struggled for both form and fitness since being forced to pull out of France's campaign in Qatar.
However, it's not even solely a question of personnel. Some of Madrid's problems run deeper than that, as GOAL outlines below…
Getty ImagesMidfield issues
It was simply baffling how much Luka Modric ran at the World Cup. The Croatian captain never seemed to stop, his 37-year-old legs still chugging along deep into high-intensity knockout matches.
On his return to the Spanish capital, though, those legs have slowed. Instead, the captain has been unsteady, off the pace, even.
And he's not the only one. Modric and Toni Kroos, the two elder statesmen of Madrid's midfield trio have been far short of their best in recent weeks, with the latter able to play full matches but missing the crucial quality in possession that made him so valuable to Los Blancos.
Right now, then, it's looking like Madrid sold the wrong midfielder last summer. Casemiro is flourishing at Manchester United, while his replacement at the Santiago Bernabeu, Aurelien Tchouameni, looks exactly what he is: a promising prospect still learning his craft, as underlined by 64 forgettable minutes as Madrid lost to Villarreal in La Liga.
Fellow Frenchman Eduardo Camavinga also turned in an error-ridden performance in the Super Cup, with his mistakes contributing to both of Barca's first-half goals.
Fede Valverde has also been in the team, with his rise likely a factor in Casermiro's sale. He's been used mostly on the right side of the front three, but his future is certainly through the middle. And there have been some promising moments, but the Uruguayan has a habit of disappearing for long stretches.
There are other options, of course. Dani Ceballos can fill in, so too can Nacho Fernandez, but neither of the quality required.
Madrid, then, have serious cause for concern. Modric and Kroos have rebounded from poor stretches in the past, dragging themselves back into form because of their talent, work ethic and mental strength. However, with Casemiro no longer around to provide any support, Madrid's midfield is wavering.
AdvertisementGetty ImagesThe Ancelotti approach
The day before the 2022 Champions League final, Madrid did little in the way of preparation. Ancelotti delivered a brief team talk, before allowing the team to have a kickabout with their families on the pitch.
It was a scene of calm and Madrid went on to win the final, edging Liverpool 1-0 despite being under pressure for large parts of the game. It was an advert for Ancelotti's relaxed brand of man-management. After such a tranquil build-up, Los Blancos produced a composed performance, controlling the game, even when they didn't have the ball.
Therein lies the appeal of Ancelotti. He's a manager who works with a group of players he can trust, and utilises their creativity and tactical nous to take an almost laissez-faire approach to coaching. All he has to do is create the right environment.
But the whole thing is contingent on the atmosphere, the vibe. And perhaps it's starting to wear off.
Madrid have been predictable in recent weeks. Vinicius Jr has been swarmed every time he touches the ball, Benzema has dropped so deep that Madrid seldom play with an attacking option up top.
The managing-without-heavy-intervention style that has served this side so well is starting to look increasingly fallible. Madrid look like a team in need of a systemic shake-up, or at least a more hands-on coach.
Vinicius' drought
Vinicius Jr. is 22. He has already won every trophy in club football and shown that he is one of the best in the world at his position. At this point, he has very little to prove.
But there's something amiss at the moment. The winger is without a goal or assist in his last five games, and has cut a frustrated figure in recent weeks. Opposing teams have found that doubling the winger can help contain his bag of tricks and flicks.
When he's forced to slow the game down, Vinicius' influence on a game can be limited. That much was clear in Madrid's narrow win over Valladolid. Vinicius was nullified by 18-year-old Ivan Fresneda, who badgered the Brazilian throughout.
He is, of course, a product of the system. Although Vinicius is individually brilliant, he can't operate without the supreme talent around him. This poor run of form, then, isn't necessarily his fault. But he's looked badly exposed since the World Cup break, with Madrid suffering as a result.
Chances are he will recapture some of the magic that made him one of Europe's best players last year. Until then, Madrid will continue to lack incision in attack.
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Carvajal's shortcomings
Dani Carvajal was brilliant in last year's Champions League final. Liverpool's Luis Diaz, then in brilliant form, was rendered largely ineffective by the Spaniard's disciplined display.
But he hasn't had too many good games since then. Carvajal's decline has been a steady process, with his lack of pace now being exposed on a game-by-game basis. The right-back is 32 and no longer has that burst of speed needed to make up for the positional shortcomings that have always been of slight concern.
On Sunday, Barcelona targeted Carvajal's side ruthlessly, deploying the rapid Alex Balde at left-back, while having Gavi drop into the space between Kroos and Carvajal. The right-back wasn't always positionally shrewd, and was left caught in space as Barcelona simply played around him.
Carvajal is still a regular for Spain and set to be a part of the Madrid set-up for at least another year. But it would not be a surprise to see Real speed up their search for a younger and quicker right-back.