Welcome to Calcio Square, an email newsletter dedicated to Serie A and Italian football. I publish essays every Monday and Thursday. You can email me with feedback at hello@calciosquare.com.

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Now, onto today's issue.

Juventus entered the weekend as an outsider in the Serie A title race. They were only six points behind Inter and on a five-game winning streak in league play. But their historic 4-0 loss to Atalanta on Sunday — their worst at home since 1967 — left them battered and bruised and with serious concerns about their ability to even finish in the top four.

Their season hasn't been straightforward. They were undefeated in Serie A until the end of January but not particularly threatening or seriously considered in the title race. Nearly half of their results were draws, and they struggled to play a full 90 minutes at a high level. Many disappointments followed, including Champions League elimination and an embarrassing Coppa Italia exit to undermanned and relegation-threatened Empoli. They again came crashing back down to earth on Sunday.

All the while, Thiago Motta, who was hired with a mandate to improve on Massimiliano Allegri's uninspiring football, has struggled to implement any particular style of his own. Juventus started the season as a more proactive unit, playing with much more of the ball than they did the last. But possession didn't necessarily turn into anything meaningful. The Bianconeri eventually began to play more defensively. That didn't work either. They blew leads and lost 17 points from winning positions. They've swung like a pendulum between attacking and defending and have done neither relatively well.

Sunday's game followed the same pattern. Juventus hoarded possession but did nothing with it and eventually conceded off a penalty for a silly handball. The game slowly escaped them. If it wasn't for Michele Di Gregorio, who produced a number of high-intensity saves toward the end of the first half, Atalanta would've run up the score even more. Juventus generated a measly two shots on target despite finishing the game with 60% of the ball. Atalanta had nine.

At least Allegri could guarantee competitiveness, trips to finals, and consistency. Motta's Juventus are more like zombies walking aimlessly through the peninsula, jumping to life only briefly. Sometimes they'd press opponents with intensity. Randal Kolo Muani made the most of their few chances when he first hit the scene. But those moments of clarity evaporate quickly. While injuries interrupted large parts of their campaign, the feeling is that this team is capable of more. Motta can only blame the group's relative youth and inexperience for so much.

So now the fans who understandably wanted more from their team last season are getting neither style nor substance this term. And if Juventus end up missing out on the Champions League for a second time in three years, they could end up in a devastating financial situation, exacerbated by the tens of millions they'll lose in revenue on top of the €200-million deficit they already have to pare from last season. Add in some of sporting director Cristiano Giuntoli's questionable transfers — including the €27-million commitment for Newcastle benchwarmer Lloyd Kelly — and it becomes even more imperative that they have the Champions League to at least subsidize his gambles.

There's just no way to know if they'll get there.