There have been some curious reports in the media recently:
First they reported that Kehl, as the DoF, was very eager to sign Alvarez and put a lot of energy into that signing (e.g. meetings with the player), only to have Terzic veto it.
Now Bild are reporting that transfer decisions are complicated, because Terzic wants to sign physical players and Kehl wants to sign technical players.
Even if we believe Bild on this one, that things are so simple and polarized, it sounds a bit ironic, since as far as I'm aware Alvarez would decidedly fit into the physical, rather than the technical, category.
Still, there's no denying that it looks like the window hasn't gone fully according to plan thus far:
There seems to have been very concrete interest in signing Alvarez and Fresneda, which both appear to have fallen through. The club made about €110m upfront from selling Knauff and Bellingham and only spent €30m on Nmecha, so there should still be at least €30m to €40m left in the budget. Pre-season already begun and usually the business is mostly done by then, so by that standard things are already in delay.
I think in general Terzic is being set up with a target on his back at the moment. Things were going to be slightly tricky for him anyway, since I don't think it's realistic to expect the good run of 2023 to just carry over into the new season, yet that's what he will be measured against. But now the press is also starting to portrait him as responsible for a transfer window that doesn't seem to be going entirely well and with narratives that are easy to latch on to for your average pundit. For example the controversial Nmecha is now being called his transfer, according to some reports it's supposedly him alone, who canceled Alvarez and now there's this very simplistic Kehl = technical, Terzic = physical narrative.
So now most "analysis" will probably be "would this have happened if Kehl had his way?"-.