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RM Wright Phillips
CM Cocu, PSV, 250k
CM
LM Adu, DC United, Loan
ST Eduardo
ST King
Dont you have any of the original players?
You should have Shi*tu, DeMerit, Francis, Bouazza, and A. Young if you are on the original?
Sorry, thats all i can think of at the moment, you really shouldnt of spent so much of your funds!!! Try loans from big clubs reserves, or from low prem teams such as Wigan and Reading.
Thats VERY little money to buy players mate. You'll hardly find 2 decent signings in that, let alone 5! Anyway, you could try to get Johan Djourou from Arsenal on loan for the season. I doubt you'll get him because a lot of their defenders are injured at the start. But definitely give it a try in January. You should get him. Also try for Senderos. Thos two in the middle for you, you'll be ok for the next 6 months. Have a look in the big 4 reserves. You should find some really useful players who you'll get on loan. Again, Diaby at Arsenal for CM would be useful. But he too is out for 4 months. See if you can get Pique from Man Utd on loan. But definitely check out the reserves of Liverpool, Man Utd, Chelsea and especially Arsenal because they have some real quality there.
If you are after buying players, then I think its not a very good idea. If you can raise another 1.5M odd somehow (try to ask the board for more money!), bid for Andres Guardado. He's bloody brilliant in the game. It'll take him a little while to develop though.
Look through the transfer lists. Especially through players whose contract status is expired or unattached. You can find some decent ones for your team there. I just looked in my game (I'm in the Jan transfer window of my first season), and you might find guys like Patrik Berger and Danny Murphy there. I think they might be really good for your squad.
Hold on to Sagna, Bale, SWP, Eduardo and King for a while and you should be able to sell all of them for a HUGE profit in a year or two!!
Your best bet is still to get some people on loan mate. Like I said, go look at the reserve teams of the big 4 and see what you can find. You'll find good players atleast atleast for this year.
Look for Anthony Vanden Borre. He's young, but he's versatile and can play CB or RB and many other positions. I dont know if he'll want to come though. Try offering him a first team position and see if it helps. And you can get him for about 1-1.5M at the start. Guardado is brilliant on the left wing as well, like I said before. Again, pretty cheap at the start. 2M if you get lucky. Look for Cisse (Liverpool). He's rotting in the reserves there and Liverpool are happy to sell him. He's been pretty good for some people in the game. AND he's only 25 or so. Also Robbie Fowler. He can be handy off the bench. You might try to buy Freddy Adu. He's also 2M at the start and his value usually doubles or in some cases, trebles in one season. If he plays regularly for you, you might be able to sell him for a lot next season. Who knows? Go to Real Madrid, Barcelona etc and look at their reserves as well. Again, you can get some players on loan. Playing as Watford, try to get a solid DM to help you out in defence. Again, your best option is to loan some players. The problem you'll have trying to buy players is that many of them might not want to come to Watford because they are a "big" team. But just try for every damn person you think will help and see what you get. Look at the unattached players! There's no better way to strengthen your squad if you have a lack of funds!