Are Celtic really in crisis? That's the question we are going to have to answer after now that the panic has subsided.
After the Bhoys lost their second successive derby against Rangers on Sunday, making it three straight defeats across all competitions, there was panic aplenty. Martin O'Neill hinted that he could walk away during the international break, and others believe that he should be sacked.
Celtic are completely flat in their approach, which is a big red flag, and there are systematic issues that may not be possible to solve until January, when the Hoops will surely add a much-needed holding midfielder.
Since then, we have heard from a Celtic chief, with Michael Nicholson confirming that O'Neill will not be sacked, and while we don't yet know what the veteran will decide on his own future, it seems more likely he will see it through, at least if he can get assurances that this midfield is going to be strengthened in January.
There are major issues, and Celtic must absolutely look to address them. They need to sit down during the international break and see how they can change the direction of this team because the mentality has to change.
But now that the panic has cooled, let's take a look at the situation as a whole. The Bhoys are top of the Scottish Premiership with a two-point gap. They have won six of their seven games in the league, only conceding four times.
Granted, they are out of the Champions League and Premier Sports Cup, but while the performance in that first Rangers game was not excusable, it was always a tough tie, playing away from home with no away fans.
The Europa League campaign is still young. The home defeat to Ferencvaros is not ideal, and the Hoops may need a big result away from home to make up for that if they want to progress, but they may be capable of it. There are tougher games to come, but Celtic's Europa League fixture list is manageable.
Yes, the Premiership lead will erode, and the Europa League campaign will fall to pieces if Celtic don't pay attention to the warning signs they have been given over the last couple of weeks.
But they are hard to ignore, and it's clear O'Neill and co will look to address the issues over the break, whether they find solutions or not.
This has to be a real wake-up call for Celtic, but they are not yet in crisis, and they have their strong start to the league campaign to thank for that.
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