Cast an eye down the League One table and Sheffield Wednesday sitting at the summit might look routine. A recently relegated club, large fanbase, well-known name: of course they're top. That reading, though, would be lazy, and it would be wrong.

To understand just how much has had to go right in a short space of time, you need to remember what Wednesday actually looked like twelve months ago. Under the ownership of Dejphon Chansiri, staff went unpaid, the squad was stripped bare, and the club arrived at the start of this season facing EFL-imposed financial restrictions, a threadbare roster and a significant trust deficit with its own supporters. The word "husk" isn't too dramatic.

Eighteen signings and a paper-thin margin

Sporting director Simon Wilson and his colleagues have signed 18 senior players across the summer window. That figure sounds aggressive; in context, it was simply the minimum required to put a functioning squad on the pitch. Even so, the squad retains obvious weak spots. Defender Sil Swinkels is currently injured, Ricardo Santos has been absent, and manager Henrik Pedersen has had to carefully manage the minutes of experienced centre-back Liam Cooper. Central midfield depth is limited, though the loan arrival of Jaden Heskey from Manchester City has offered some relief there.

The financial constraints imposed by the EFL mean Wednesday cannot simply buy their way out of thin areas. They currently carry six loan players, though the rules allow only five of those to appear in any single match. It is a logistical juggle that Wilson's department is managing, but it illustrates the narrowness of the margins the club is operating within.

Finding a way to win

What makes the early-season record genuinely impressive is the manner of it. Wednesday have not looked like a side coasting on superior resources. Their three away wins at Leyton Orient, Wycombe and Peterborough have all come by a 2-1 scoreline: functional, tight, hard-earned. There are still clear areas for improvement, and nobody at Hillsborough is pretending otherwise.

But that is precisely the point. A side blitzing opponents with ease would suggest the gap in quality was simply too wide for the division. A side grinding out results while growing into a system suggests something more durable is being built. According to BBC Radio Sheffield's Rob Staton, Wednesday are third in the League One expected-goals table, and their 7-2 win over Bromley has them joint-top for goals scored alongside Huddersfield.

Pedersen himself deserves a mention here, and not a grudging one. Plenty of supporters were unconvinced before a ball was kicked. A difficult opening run of fixtures could easily have turned scepticism into something louder. Instead, he has delivered four wins from five, kept his squad together despite its obvious limitations, and given the club's rebuilt hierarchy something to point to when the inevitable awkward questions return.

Context matters

It is only five games. League One is long, and the points that matter are the ones accumulated in March and April. Wednesday's squad will be tested by injuries, suspensions and the sheer volume of third-tier fixtures. The financial restrictions are not going away any time soon, and the work of rebuilding supporter trust after last season's misery is measured in months and years, not weeks.

For now, though, the early signs are genuinely encouraging for a club that badly needed them to be. Those who lived through the chaos of last season, the unpaid wages and the points deductions, have earned the right to take some cautious satisfaction from where Wednesday find themselves. It is one chapter, as Staton puts it. But after the year the Owls have just come through, a good opening chapter is not nothing.

Frequently asked

Why are Sheffield Wednesday under financial restrictions in League One?
The EFL imposed financial restrictions on Wednesday following the turmoil under former owner Dejphon Chansiri, which included staff going unpaid and significant squad disruption. Those restrictions limit how freely the club can spend and how many loan players they can field.
How many players have Sheffield Wednesday signed this summer?
According to reports, Wednesday brought in 18 senior players during the summer transfer window, a number driven by necessity after last season's chaos left them with barely a functioning squad.
Who is managing Sheffield Wednesday in League One this season?
Henrik Pedersen is the head coach. He faced some scepticism from supporters ahead of the campaign but has made a strong start, with four wins from the opening five League One matches.