I think you are spot on with this.
I do think we will be bringing in Free transfers and loans only.
I think when 'budgets' are spoken about, they the club will be talking about wages and loan fees in those budgets, and not in terms of transfer fees (up to RM whether he picked up on this!)
I'd be surprised if we paid any transfer fees, with the overall state of the clubs finances.
All that said, to be fair, do we need to spend on transfer fees? - The Free Market and Loan Market, if navigated correct could suffice. Big IF though!