It is very difficult to predict what Newcastle’s season could look like until Isak’s future is sorted out, but it could still be a very good one.
They have got one of, if not the best, midfields in the country, they are really strong in wide areas and it looks like they are signing another centre-half in AC Milan’s Malick Thiaw.
So, looking at the bigger picture, whether Isak stays or goes and they can bring two quality strikers in, they have still got a very good team.
Even so, I am still not sure they would be able to improve on last season’s fifth-place finish. Last season’s top four have done so much good business and gone so big in the transfer market, it is going to be extremely difficult for any of the chasing pack to break into those places, not just Newcastle.
In terms of the title I see Liverpool as favourites, even without Isak. You just have to look at what they did last season, and how they won the title at a canter.
They have seen Trent Alexander-Arnold leave, and tragically lost Diogo Jota, but have spent heavily to strengthen their squad and won’t be distracted by having any stars coming to the end of their contract. Who knows what they might do under Arne Slot if they got another forward as good as Isak is, too.
Arsenal finally have an out-and-out striker in Viktor Gyokeres and will believe that, after three successive second places, he can get them over the line in a title race. Their top scorer in the Premier League last season was Kai Havertz with nine goals, so that tells you what they have been missing.
How Gyokeres fits in is one of the things I am really looking forward to finding out in the new campaign, and it is the same with other strikers at new clubs, like Liam Delap and Joao Pedro at Chelsea. I don’t think they are finished yet in the transfer market, and their attack is already looking a lot more dangerous than last season.
The same applies with how Benjamin Sesko settles in at Manchester United. I was disappointed that he chose to go there over Newcastle, but at the same time I saw him live several times last season and he is a player with potential, rather than offering guaranteed goals.
I see what Sesko’s strengths are, but £74m is a lot of money for a player with room for improvement. At 22 he is no way the finished article, but there will still be big pressure on him to perform.
With Sesko, Matheus Cunha and Bryan Mbeumo, Manchester United have spent more than £200m on their forward line, but I still don’t see them getting in next season’s top four.
I think it’s almost impossible for them to go from 15th to the Champions League places, even if fifth place is good enough again. Instead I have them finishing anywhere between sixth and 10th, but no higher.
Alan Shearer was speaking to BBC Sport’s Chris Bevan.