Nico Paz is the talk of the town. The Spain born Argentine midfielder has made history in Italy by leading Como to the Champions League. But his former employers are lurking in the shadows.
The summer of 2026 is shaping up to be one of the most important periods in modern Real Madrid history.
After enduring two consecutive seasons without a major trophy, the club are aggressively restructuring their sporting project under the reportedly returning Jose Mourinho. A squad rebuild is underway and naturally attention has turned towards Nico Paz.
On paper, bringing him back looks obvious. But in reality, it may be far more complicated.
The Rise of Nico Paz at Como
Since leaving Madrid in search of regular first-team football, Nico Paz has exploded onto the European stage.
At Como, under Cesc Fabregas, the 21-year-old has evolved from a promising academy talent into one of Serie A’s standout midfielders. This season, he finished with 12 league goals while operating as the creative focal point of one of Italy’s most entertaining sides. His performances have elevated him into a completely different tier of player, which has reflected financially as well.
Reports now place Nico Paz’s market value around €65 million, a remarkable figure for a player Real Madrid can reportedly re-sign through a buyback clause worth only €9 million.
From a business perspective, it looks like a no brainer for Florentino Perez. Acquiring a player valued at €65 million for a fraction of the price is exactly the type of move Real Madrid would love to pounce on.
But there's always a catch.
Why Returning to Real Madrid Too Early Could Be a Mistake
Unless Nico Paz is returning to Real Madrid as an immediate starter, he should stay exactly where he is. That may sound dramatic, but the reality of Madrid’s midfield situation makes the argument understandable.
If Paz walked into Valdebebas tomorrow, he would enter one of the most competitive environments in world football.
Arda Guler ended the season in outstanding form and already looks capable of becoming one of Madrid’s central attacking figures. Brahim Diaz remains a trusted rotational option with experience at the highest level. Franco Mastantuono, despite struggling to adapt at times, is also viewed internally as one of the club’s long-term investments.
And that is before considering the pressure that comes with Mourinho’s return.
Mourinho's job is to clear out the toxicity first, and remove the egos plaguing the dressing room. If Nico Paz arrives now, he will find himself at the starting point of that whole saga.
If the situation inside the club doesn't change in time, Nico might feel uneasy or uncomfortable staying at the club long term. Especially after enjoying a family like environment at Como.
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Why Como Is Still the Best Environment
Como is a very friendly and comfortable environment for any player right now. It might not have the history or the glamour of Los Blancos, but everyone there knows what it's like to play for the team and they have worked humbly and hard to get to this position.
At Como, Cesc Fabregas has built the team around Nico. He has allowed Paz to play through mistakes, control rhythm, take creative risks and develop naturally without the suffocating pressure of competing against global superstars every week.
Young midfielders do not develop properly through occasional substitute appearances and scattered cup starts.
Returning to Real Madrid too early risks interrupting all of that momentum. There is a genuine danger that a player currently thriving as one of Serie A’s best midfielders could become just another rotational option inside a crowded squad.
Real Madrid Still Holds The Power
The most important detail in this entire situation is that Real Madrid are not under immediate pressure.
Even if they decide not to activate the €9 million buyback clause this summer, they reportedly still retain another affordable clause for 2027 worth around €10 million.
Madrid do not need to panic nor need to gamble on forcing a return too early. Instead, they can allow Paz to continue developing while maintaining control over his long-term future.
Strategically, it is almost the ideal scenario.
Como continue polishing the player. Madrid continue monitoring him closely. And if his rise continues, the club can still bring him back later for a relatively modest fee.
Allowing Nico Paz to experience Champions League football with Como and becoming a leader in the team in Europe will help him greatly once he moves to Madrid where dressing room presence is such a key factor. Letting him continue operating as the centrepiece of a project rather than a supporting piece inside Madrid’s crowded hierarchy is the best option for now.
Playing his first Champions League football in a low-intensity environment with Como, instead of debuting in Europe with the team that’s won the title 15 times, there is a major difference in that. That way, when he arrives at the Bernabeu eventually, he will come as a fully formed star.
Waiting another year may benefit both player and club.
