Chelsea manager, Frank Lampard, feels they have come out second best in the January transfer window behind rivals Manchester United and Tottenham.
The Blues failed to bring in any senior player as the winter window slammed shut on Friday.
Despite having their transfer ban overturned, Lampard could not seal any deal, after talks with Paris Saint-Germain over Edinson Cavani and Napoli for Dries Mertens.
United brought in Bruno Fernandes and Odion Ighalo, while Spurs signed Gedson Fernandes and Steven Bergwijn.
"Every time I look at the television another player signs for a club, that's the transfer window," Lampard told reporters at Cobham Training Centre.
"But if I'm looking at it with my business head on and looking around us in the table and I look at Manchester United obviously signing a big, big player, a world-class player, in my opinion. The teams around us, Sheffield United making fantastic signings, Chris Wilder's job is incredible because he's had years to work that group and now they're adding where he sees fit.
"Tottenham have signed a few and they're not far behind us. And not only have they signed a few, but a couple of players have left were obviously - not being too crude about it - the situation was they were towards the end of their contracts and maybe weren't happy being at the club any more.
"Sometimes that's as important as bringing players in. It's changing the feeling of the group if players are not wanting to be there so that's obviously smart business on that part.
"Now what remains to be seen will be seen and from my view - and this is not to talk down ourselves because we're six points clear in fourth - now we become probably the underdogs and the outsiders to some point because the teams around us have strengthened. It's a fact."