The night of falling stars at Milan arrived long before August. Mike Maignan, Theo Hernandez, and Rafa Leao are, in fact, experiencing their most difficult moment since arriving in Italy.
Simultaneously, the three stars of the last Scudetto have dimmed in a season that calling bleak would be an understatement. As a result, the entire team has fallen: out of the Champions League, seventh in the league. So much so that not only among the fans but even within the club itself, the seed of doubt is spreading: is it worth continuing together? The “no” camp is now strong at Casa Milan. So much so that a sale is more than just a hypothesis.
A double-edged sword
Stefano Pioli recently spoke in an interview about how much Theo and Leao could influence a match, both positively and negatively. It’s true—this is the hallmark of all top players, and in nearly every major Milan triumph in recent years, their fingerprints are there. The 2022 Scudetto, the 2023 Champions League run. Hernandez and Rafa, poster boys of a growing Milan. Then came 2024, the first signs of struggle, and finally, the crisis of today.
The problem is that in 2024-25, the games in which their contributions have been lacking far outnumber those in which they have shined.
And then there’s Magic Mike. More Mike (in all-too-human insecurities) and less Magic—first in Rotterdam, then in Turin, not to mention other moments when the French goalkeeper could (and should) have done more. Slumps in form happen to everyone, but the Maignan of the Scudetto and the heroic Champions League saves has been seen only sporadically in the past year and a half. Meanwhile, the number of errors has increased.
At different times, both Fonseca’s and Conceição’s Milan have been let down by at least one of their stars—whether it was Maignan’s blunder, Theo’s reckless moment, or Leao’s drifting apathy.
The last time all three played up to their talent together? You have to go back to January 6. Hernandez kick-starting a comeback against Inter with a stunning free-kick, Maignan denying Dumfries one-on-one at 2-2, Rafa slicing through the heart of the Nerazzurri defense to set up Abraham for the 3-2 goal. The result? Milan won the Supercoppa, the first trophy of the RedBird era.
Because Pioli was right—certain players can change everything, for better or worse.
Milan, the Scenario
If they influence games more negatively than positively, then the club must acknowledge that fact—regardless of their superior technical quality. There are two possible paths. The first: find a way to bring Maignan, Theo, and Leao back to their Scudetto-winning level consistently. Easier said than done, at least judging by Fonseca’s and Conceição’s failed attempts so far. The two Portuguese coaches have used the stick more than the carrot, especially with the full-back and the forward, reversing Pioli’s approach. But consistent results have not followed. However, even towards the end of the Emiliano coach’s tenure, Theo and Rafa’s stars had already begun to fade.
And the second path? Separation. Painful, because there is no denying their talent, and everyone still vividly remembers what they have given to Milan. But a club cannot operate based purely on sentiment. Beyond technical considerations, there are financial ones. Maignan and Hernandez’s contracts expire in 2026—without renewal, the risk of losing them for free is high. For Maignan, a preliminary agreement for an extension has been in place for some time (5 million per year until 2029, with an option for another season together), but that still doesn’t guarantee he will stay in Milan. For Theo, renewal talks have stalled due to his disastrous performances, and they are unlikely to resume.
Leao, on the other hand, has a long contract (expiring in 2028) and a 175 million euros release clause that few, if any, will trigger. But today, few would bet on him staying in Milan. Maybe not even him.
Source: La Gazzetta dello Sport
