In order to fill out my u21 squad, and provide some form of back up in the case of a horrendous injury crisis, the first few signings where actually of those of players already at the club, the greyed out regens. Whilst this might seem like cheating or not in the manner of the challenge, none of these players are extremely good, with most League 1 potential at best, with only two who could possibly play top flight football in the future, so it does not massively affect my squad.
I ended up spending just under ?39 million on transfer fees, but a further whooping ?10 million on agent fees and loyalty bonuses, but given that many of my signings were free transfers this was to be expected. Of the ?1 million wage budget I am spending approx ?750,000 and it could have been much lower if not for some overly high wages that were offered, to ensure I got a player I thought was required.

Goalkeepers:

In
Speroni signed a goalie who has played in the Premier League before, and who has vast amounts of experience. At just 500k I think I've got a really good deal from Palace. Expected to be first choice for 1 or 2 seasons.

Fighting for the number 1 jersey will be
Kasper Schmeichel. If if he can play half as well as his legendary father I will be happy. I'm happy I have two good quality keepers and to be honest right now I'm not sure who to pick! At ?1.6 million I'm relatively happy with the deal.
Defenders:

My second signing in my time at FM Base, is everyone's favourite Norweign
Stefan Strandberg. Known very well on these forums, he offers good mental stats, will grow in the seasons to come and can also fill in midfield roles. Expect to be long term member of the squad and a snip at ?325k

Captain for the coming season, and the beast at the back, ?1 million man
Kirk Broadfoot offers me a strong Center back with good experience. Whilst his lack of pace could be exploited he will be difficult to beat in the air.

A laughing stock during his time at Newcastle, and a man who gave me such displeasure as a toon fan,
Jean-Alain Boumsong came in on a free transfer. Decent stats, low wage, 1 year contract. Rotation player.

Ritchie De Laet offers me some versatility across the back and has pace to burn, something which could be helpful with my slow center backs. Decent enough for ?3 million.

Sofian Chahed was a man I'd never heard of before I brought him to FM-Base FC. With plenty of football in the Bundesliga behind him, his great versatility and the fact he arrived on a free he could be a good signing.

Ex-Arsenal man
Armand Traore came from QPR for ?1.8 million. Doesn't offer much other than his pace, he is a short term solution and will hopefully be replaced next season.
Midfielders:

Rodolph Austin joined from Leeds for ?2.6 million. Can also play CB. Perhaps paid over the top but I'm a big fan of his and his work rate and aggression will be needed if I'm involved in a relegation battle.

Stepping up from Tranmere in League One
Ash Taylor is young, can play at the back and is one of the few English men in my squad. Relatively cheap squad player at ?1 million.

Another midfield fighter
Mohamed Sissoko returns to English football after playing for some top clubs. A free transfer who will be in my starting XI most games.

Norman Theuerkauf is a name unknown to most people, including myself, but costing ?1.6 million the German offers some good all round stats. I see him as a bit of a Dark Horse and could be vital for me.