Eighteen months in, here is the honest assessment.
The signings are good. Most of them. The list of players in their actual peak years has grown faster than the European press acknowledges. Brozović is in his peak years. Mahrez is in his late peak years. Mitrović is in his peak years. Otávio. Rúben Neves. These are not retirement-home signings.
The football quality has improved. Watch a Saudi Pro League match from January 2023 versus one from June 2024. The level is visibly higher. Whether it has reached top-five-European level is debatable. Whether it has reached top-twenty-European level is no longer debatable. It has.
The infrastructure has improved. Stadiums. Television production. Match-day experience. Marketing.
What has not happened is the development of competitive depth. The league has a top three or four, and then a steep drop. The non-marquee clubs are still well below what would be considered competitive in a strong European league. This is the gap that will determine whether the project becomes a sustainable elite competition or remains a top-heavy showcase.
The next test is what happens when the marquee players age out and need to be replaced. If the league can sustain the spending, the project survives. If the spending pulls back, the level will drop quickly.
So far there is no sign of pulling back. That is the most important data point in this entire assessment.