Robbie Fowler has slammed the model of the transfer window that he says forces clubs into desperate attempts at last-minute buys.
Negotiations were ongoing until the final minutes of Premier League trading on Thursday, for a record £210m spent.
Chelsea signed Danny Drinkwater from Leicester for £35m as well as Davide Zappacosta while Mamadou Sakho made a £26m move to Crystal Palace very late in the day.
There were also big money moves for Alex Oxlade-Chamberlain to Liverpool for £35m and Serge Aurier to Tottenham for £23m as Swansea scooped up Renato Sanches on loan from Bayern Munich.
Spurs, meanwhile, picked up Swansea striker Fernando Llorente, as the Swans signed Wilfried Bony – but deals surrounding Alexis Sanchez, Virgil van Dijk, Riyad Mahrez, Thomas Lemar, Diego Costa and Ross Barkley all failed to materialise.
And Philippe Coutinho could still leave Liverpool with the Spanish transfer window open until Friday.
Fowler, though who was watching all of the deals unfold very closely, told the Daily Mirror: "Look, I get it. I understand the Premier League is looking to market their product as the most dominant league in world sport, and they are well on the way to doing that.
"I understand this whole circus of the transfer window adds to the mystique and drama of that marketing.
“Watching the window close on Thursday, I just felt a sense of things not being exciting, but just not right.
“I think the idea of closing the window before the season starts has merit. It will stop desperate stuff, throwing money at things because of the pressure to be seen to be doing something.
"That is why something now has to be done to change the madness that it has become, to stop it taking football over a precipice of its own making."