A rare Premier League exchange

Crystal Palace have finally completed their move for Dwight McNeil, six months after a dramatic deadline-day deal collapsed, with Brennan Johnson moving in the opposite direction to Everton in a direct player swap.

The agreement is an unusual example of two Premier League clubs trading players without an additional fee. McNeil and Johnson are understood to have been valued at the same level, meaning no money is expected to change hands. Both players have signed four-year contracts with their new clubs.

Why straight swaps are so difficult

Direct exchanges have become increasingly rare as clubs navigate the Premier League’s profitability and sustainability rules, the squad cost ratio framework and scrutiny over fair market value. Recent deals involving academy players at clubs including Aston Villa, Chelsea, Everton and Newcastle United were structured as separate transactions rather than formal swaps.

Contracts, image rights, agents’ fees and player approval all have to be negotiated twice in one transaction. Clubs must also account for each player’s book value, amortisation and the four per cent transfer levy, which is due to rise to six per cent. As one Premier League owner previously told The Athletic: “It’s hard enough to get one player to move, let alone two in the same deal.”

The last prominent direct Premier League swap before this deal came in January 2018, when Alexis Sanchez joined Manchester United and Henrikh Mkhitaryan moved to Arsenal. Neither player ultimately made a lasting impact at his new club.

Why Everton wanted Johnson

Everton were looking to move on McNeil, who had one year remaining on his contract, while adding pace and a right-sided attacking threat. The club had previously tracked Johnson during his time at Nottingham Forest and saw an opportunity to recruit a player capable of attacking the back post and breaking defensive lines.

Johnson’s spell at Palace had been underwhelming following his £35 million move from Tottenham. He made 13 league starts and failed to score in 26 appearances across all competitions, eventually falling out of the team. Everton believe manager David Moyes’ system could better suit his strengths, although the club accepts that restoring his best form may take time.

Johnson scored 18 goals in all competitions for Tottenham in the 2024-25 season, a record Everton’s recruitment work highlighted when assessing his potential value. He is expected to replace McNeil in the squad rather than automatically take over the roles of Iliman Ndiaye or Jack Grealish, should either player’s situation change.

McNeil gets a second chance at Palace

Palace retained interest in McNeil after the failed winter-window move and worked to persuade him and his representatives that the transfer was the right opportunity. A new long-term contract and the prospect of Europa League football helped convince the 26-year-old to make the move.

McNeil’s ability to drift into central areas and shoot with his left foot is considered a better fit for Palace than the system in which he previously operated. Palace, meanwhile, were able to bring in the player they wanted while avoiding a major financial loss on the transaction.

The two players could face their former clubs immediately: Everton are scheduled to host Palace on the opening weekend of the Premier League season. That match will provide an early test of whether the unusual exchange can give both McNeil and Johnson the fresh start their careers require.

Swap deals rarely produce winners on every side. Palace, Everton and the players will hope this carefully balanced agreement proves to be an exception.