Less than two years have passed since Chelsea unloaded a reported $131 million to make Enzo Fernández the most expensive signing in Premier League history. Fast forward to present day and Chelsea's record signing has spent the majority of recent Premier League matches watching from the bench.

Fernández arrived at Stamford Bridge fresh off a World Cup win with Argentina in which the then 21-year-old was given the Young Player of the Tournament award. Lionel Messi stole all the headlines, but Lionel Scaloni's team took off the moment he inserted Fernández into a midfield that dominated the tournament in Qatar.

That version of Fernández enamored the soccer world, but it's a version that's been seldom seen during his time at Chelsea, if at all. Four different managers have tried but none have been able to get him to play at the level he shows when he puts on Argentina's shirt—although his performances for his country have also dropped off a bit lately.

The Athletic reported last season, Chelsea's then-manager, Mauricio Pochettino, had concerns about a double pivot made up by Fernández and fellow $100 million midfielder, Moisés Caicedo. Now, with Enzo Maresca in charge, it would appear those concerns have materialized, with the Italian opting to play Romeo Lavia alongside Caicedo in recent Premier League games.

"Romeo (Lavia) and Moi (Caicedo), they give us physicality and strength in the middle," Maresca said prior to Chelsea's game vs. Manchester United. "It's a matter of balance."

"I still trust Enzo (Fernández). The reason why he's not playing in the Premier League is because in this moment I'm making a different decision, but my confidence is 100% with Enzo," Maresca said.

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Despite the public backing, it's clear the Argentine has fallen in Maresca's depth chart. Fernández hasn't done himself any favors either. He was involved in controversy over the summer for posting a video where he and other Argentina teammates sang offensive and discriminatory chants in the aftermath of their 2024 Copa América win.

On the pitch, Fernández has struggled in the EPL this season. Defending has never been his strongest attribute—especially in transition—and opponents have taken advantage of it. He's failed to become a regular playmaker, as Maresca continues to play him further up the field. It's not like he's been a liability, but he's been extremely inconsistent and doesn't look like the midfielder that dictated and dominated games for Argentina and Benfica in years past.

It's also true that under Maresca, Fernández hasn't been played in his preferred role as a deep lying playmaker. With the Italian's desire to have an inverted fullback drifting into the midfield next to Caicedo when Chelsea have the ball, Fernández is forced to move into a more congested pocket higher up the pitch. The former River Plate man thrives by receiving the ball closer to the defensive line and from there, dictate the build-up with his ability to find progressive passes. None of that's been exploited by Marescas system.

Furthermore, what Caicedo and Lavia add in physicality and strength they take away in creativity. Fernández is the more attacking minded player of the three and although he's yet to have an assist in the EPL season, he often helps facilitate the job of Chelsea's most dangerous player: Cole Palmer.

In recent games, Palmer's been forced to drop further down the pitch to receive the ball from his midfielders. Fernández helps in possession to take the ball further up the field, meaning Palmer can stay higher up. Sure, the quality of the opponents in the EPL has been better of late, but it can't be a simple coincidence that in the four games where Fernández hasn't been in the lineup Palmer has only scored once compared to the six goals and five assists in the games the Argentine has started.

Relegated to Maresca's "B" team, Fernández played his best game of the season in Chelsea's UEFA Conference League's 8–0 dismantling of Armenian outfit, Noah FC. He tallied three assists in the first 20 minutes of the match and looked in full command of the game, once again wearing the captain's armband.

Chelsea fans were filled with hope and excitement on transfer deadline day of Jan. 2023 when Fernández's move became official. Whether it's because of the lack of team stability, a misunderstanding of where he fits on the pitch, off-field issues, or poor form, the marquee signing of the Todd Boehly-Clearlake Capital era has failed to deliver what was expected of him upon his arrival.

The 23-year-old has a contract with the Blues that runs through 2032. There's no question Fernández is a very talented player, but the burden of his price tag along with his inconsistency are beginning to make the criticism louder by the game. It's crucial he turns his season around and plays his way back into Chelsea's main lineup.

If the struggles continue and the Premier League record signing continues to warm the bench at Stamford Bridge, then it's only a matter of time before his Chelsea future becomes uncertain—if it isn't already.

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This article was originally published on www.si.com as The Curious Case of Enzo Fernandez at Chelsea.