Rangers manager Steven Gerrard has described them as potentially the most talented squad he's faced in his 50 European matches, and a team that should be competing in the Champions League.
French giants Lyon visit Ibrox on Thursday night for the opening match of their Europa League group, and there's no question they'll provide a tough test.
Peter Bosz has a squad packed full of talent, with the likes of Jerome Boateng and Xherdan Shaqiri needing no introduction.
We know the squad's got talent, but how expensive was it? As a team from one of Europe's top leagues, do Lyon have a significant financial advantage over their opponents?
For the purposes of this we'll only be counting players in the Europa League squad - so Nikola Katic wouldn't be included in the Ibrox club's total.
However, players who cannot play on Thursday but are in the squad - for example Moussa Dembele and Filip Helander - will be counted.
Of course transfer fees are only one measure, with Lyon's wage bill last season coming in at close to £50m while Rangers ' was just below £20m.
What a club pays for players is a good measure of their strength though, and here's what the two squads are worth.
Rangers
It was a quiet summer for Rangers as they held on to their star men while working mainly on free transfers or, in the case of Juninho Bacuna, one with no fee up-front.
Through injury and Covid, two of the most expensive players in the squad in Filip Helander and Ianis Hagi won't be present to take on Lyon on Thursday.
Allan McGregor - Free transfer (Hull City, 2018)
James Tavernier - £200k (Wigan, 2015)
Calvin Bassey - Free transfer (Leicester City, 2020)
Filip Helander - £3.5m (Bologna, 2019)
Connor Goldson - £3m (Brighton, 2018)
Ianis Hagi - £3m (Genk, 2020)
Ryan Jack - Free transfer (Aberdeen, 2017)
Steven Davis - Free transfer (Southampton, 2019)
John Lundstram - Free transfer
Fashion Sakala - Free transfer
Juninho Bacuna - Free transfer (potentially rising to £2m, Huddersfield, 2021)
Robby McCrorie - Youth product
Ryan Kent - £6.5m (Liverpool, 2019)
Nathan Patterson - Youth product
Joe Aribo - £300k development fee (Charlton, 2019)
Glen Kamara - £50k (Dundee, 2019)
Alfredo Morelos - £1m (HJK, 2017)
Kemar Roofe - £4.5m (Anderlecht, 2020)
Leon Balogun - Free transfer (Wigan Athletic, 2020)
Borna Barisic - £2m (Osijek, 2018)
Jon McLaughlin - Free transfer (Sunderland, 2020)
Scott Arfield - Free transfer (Burnley, 2018)
Total: £24.05m
Lyon
OL are renowned for their youth academy, with the likes of Karim Benzema, Alexandre Lacazette and Anthony Martial coming through the ranks in recent years.
As you'd expect there are plenty of academy players in the squad, with Rayan Cherki and Houssem Aouar likely to move for big money in the future.
Of course when a player who has come through the academy is sold the result is pure profit and that has seen Lyon spend some big money on the likes of Moussa Dembele, Bruno Guimaraes and Jeff Reine-Adelaide.
Here's how their squad cost breaks down.
Anthony Lopes: Youth product
Malcolm Barcola: Youth product
Jullien Pollersbeck: £225k (Hamburg, 2020)
Sinaly Diomande: £1.7m (Guidars FC, 2020)
Emerson Palmieri: Loan (Chelsea, 2021)
Jason Denayer: £9m (Manchester City, 2018)
Marcelo: £6.3m (Besiktas, 2017)
Henrique: Free transfer
Leo Dubois: Free transfer (Nantes, 2018)
Damien Da Silva: Free transfer
Jerome Boateng: Free transfer
Abdoulaye Ndiaye: Youth product
Houssem Aouar: Youth product
Lucas Paqueta: £18m (Milan, 2020)
Habib Keita: Youth product
Thiago Mendes: £19.8m (Lille, 2019)
Maxence Caqueret: Youth product
Xherdan Shaqiri: £5.4m (Liverpool, 2021)
Bruno Guimaraes: £18m (Athletico Paranaense, 2020)
Celestino Iala: Youth product
Karl Toko Ekambi: £10.35m (Villarreal, 2020)
Moussa Dembele: £19.7m (Celtic, 2018)
Tino Kadewere: £10.8m (Le Havre, 2020)
Rayan Cherki: Youth product
Islam Slimani: Free transfer
Jeff Reine-Adelaide: £22.5m (Angers, 2019)
Total: £141.8m
