It felt like a glitch in the matrix when Nico Paz left the Santiago Bernabéu. You’ve got this kid who scores a high-stakes Champions League goal against Napoli, gets a public "he’s special" nod from Lionel Messi, and then—poof. He’s gone.
Basically, the summer of 2024 was a weird one for Real Madrid fans. While everyone was busy obsessing over Mbappé's presentation, Nico Paz was quietly packing his bags for Como 1907. A newly promoted Italian side. Coached by Cesc Fàbregas. It felt like a massive step down for a guy who many thought was the heir to Toni Kroos.
But football is never that simple.
The Real Madrid Nico Paz Dilemma
Real Madrid is a shark tank. You don’t just need talent to survive there; you need a vacuum of space in the starting XI. Unfortunately for Nico, the Madrid midfield is currently a traffic jam of world-class talent. Bellingham, Valverde, Camavinga, Tchouaméni, Arda Güler... the list goes on.
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Honestly, Carlo Ancelotti liked him. He really did. But "liking" a player doesn't always translate to "playing" a player when you’re chasing a Treble. Nico was rotting on the bench or playing in the third tier with Castilla. He needed minutes. Real minutes.
So, Florentino Pérez did what he does best: the "controlled exit."
Madrid sold 50% of his rights to Como for about €6 million. It looked like a permanent sale on paper, but it was actually a sophisticated loan with extra steps. They kept a massive amount of control over his future.
The Numbers That Changed Everything
Since landing in Italy, Paz hasn't just been "good." He's been arguably the best young playmaker in Serie A. As of January 2026, he’s already racked up 6 goals and 6 assists in the current campaign.
The stats are kind of ridiculous:
- He’s averaging nearly 3.5 shots per 90 minutes.
- His chance creation puts him in the top 5% of all midfielders in Italy.
- He literally single-handedly dismantled Juventus in a 2-0 win back in October 2025.
When a 21-year-old does that in a league known for tactical strangulation, people notice. Inter Milan reportedly tried to swoop in with a €58 million bid recently. Tottenham apparently offered even more. Both got a firm "no" because Real Madrid effectively owns the remote control to his career.
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What Really Happened with the Buy-Back Clause
Here is the part most people get wrong about the Nico Paz Real Madrid connection. It isn't just one clause. It’s a tiered safety net.
If Madrid wants him back in the summer of 2026—which, according to Fabrizio Romano and every major outlet in Spain, they absolutely do—they only have to pay €10 million. If they wait until 2027, it goes up slightly to €11 million.
Compare that to his current market valuation, which has skyrocketed toward €70 million. It’s a total steal. It’s essentially the same "Fran García" or "Dani Carvajal" model: send them away to grow, let someone else pay their wages and deal with their growing pains, then bring them home when they’re "oven-ready."
The Fàbregas Factor
We have to give Cesc Fàbregas credit here. He didn't treat Nico like a loanee. He gave him the number 10 shirt and told him to run the show. Under Fàbregas, Paz has evolved from a "flashy academy kid" into a robust, 90-minute engine.
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He’s winning headers now. He’s tracking back. He’s leading the press.
The Argentina Connection
Let’s talk about that Messi quote. After Nico's debut for Argentina, where he assisted Messi (who else?), the GOAT said: "He has a lot of quality and understands the game perfectly."
That’s not just PR fluff. Argentina is transitioning away from the Di María era, and Paz is the primary candidate to fill that creative void. Being a regular for the World Champions while playing for a "small" club like Como is a testament to how loud his performances have been.
Is He Returning in 2026?
Yes. The decision is basically made.
With Luka Modrić likely entering his final chapter and the squad needing more verticality in the final third, the hierarchy at Valdebebas views Nico as a vital piece for the 2026/27 season. He isn't coming back to sit on the bench this time. He’s coming back to compete.
If you’re a Madridista, keep an eye on Como’s remaining fixtures this season. You aren't just watching a Serie A game; you’re watching a season-long preseason for Madrid's next big thing.
Actionable Insights for Fans and Analysts
- Monitor the 2026 Window: Expect the official announcement of the buy-back activation early in the summer to avoid any bidding wars or complications from other clubs.
- Watch the Tactical Shift: Notice how Nico has moved from a pure winger to a "Mezzala" or central playmaker. This is exactly where he fits into Ancelotti’s (or potentially Xabi Alonso's) future system.
- Don't Overlook the Sell-on: Even if he somehow didn't return, Madrid would pocket 50% of any massive fee Como receives. They win either way.
The "experiment" in Italy has been a resounding success. Nico Paz went to Como a boy and is coming back to Madrid a leader.