I also think Mbappe won't be able to move to Madrid this season because it would be huge money for the club. Real Madrid won't pay that when next season they can buy Mbappe at a reasonable price. I think nothing serious will happen if Mbappe doesn't play for Real this season, although they will miss such a striker.
If Real Madrid doesn't really need a striker like Mbappe for next season, of course the solution is to wait for a reasonable price after Mbappe's contract period with PSG is over. But if Real Madrid still really needs a striker like Mbappe to have a surprise next season, at least Real Madrid should try to get Mbappe even though the price is slightly more expensive. Because next season Barcelona is predicted to still be very strong and Real Madrid must be able to compete to get back to being better in La Liga.
Mbappe is indeed expensive but the price is commensurate with his abilities which will indeed bring an increase in the performance of Real Madrid's attack line. So in my opinion, if Real Madrid dares to redeem Mbappe at the price offered by PSG at this time, then this will not cost Real Madrid a loss. because Mbappe can certainly contribute a lot to the club. Even Real Madrid might be more confident if Mbappe is in attack.
PSG itself is still trying to persuade Mbappe to extend the contract. But Mbappe is adamant that he will not renew his contract there. But this is not necessarily going to stay the same until next season. because Mbappe could change his mind and agree to extend the contract there. and if that happens then Real Madrid will again lose their chance to sign Mbappe. So I still think that it is better for Real Madrid to sign him as soon as possible. because waiting until next season is also at risk of losing Mbappe if Mbappe finally decides to extend his contract at PSG.