Carragher believes that Chelsea's focus on recruiting young talent and building for the future is not enough to justify their significant investment in the squad.
The club has spent £1.5 billion since Roman Abramovich sold the team, but Carragher argues that this spending has not translated to success in major tournaments.
Chelsea won the Conference League and Club World Cup in the 2024-25 season, but Carragher feels that this is not enough for a team that has invested so heavily in its squad.
He suggests that the club's hierarchy is more concerned with being praised for their recruitment rather than competing for trophies.
Carragher believes that Chelsea should be considered title contenders and Champions League challengers, but instead, the team seems to be setting modest expectations.
Chelsea currently sits in 6th place in the league and faces Brighton this weekend, and a loss could mean the title slipping away from them if other teams perform well.
Carragher questions how a team that has spent so much money can have relatively low expectations and ambitions.