I don't think Felix would be signed permanently considering Atletico Madrid ask too much money for his transfer fee. Maybe he would be loaned again. If he doesn't then I think Morata will be the leaving one. Maybe he would return to Italy if there is still interest from there.
If Felix is still not included in the plans of the Atletico Madrid coach, namely Diego
Simeone. So the only option might indeed be to lend this talented young player back. I really don't understand why Diego Simeone still can't include Felix in his plans.
Each player has their own strengths and weaknesses, Joao Felix is talented but not all coaches can develop the strengths he has. If you look at his performances for the national team and Benfica, Joao Felix is actually promising, but after that you can no longer see how Joao Felix plays freely. It was not easy to find a match so Diego Simone doubted his contribution.
In the League standings, Real Madrid is often in a good position, you can see an example last season where Real Madrid was still able to finish in runners-up even though they were not in good condition. And for next season I believe Real Madrid will be in better shape with some of the young players they have recruited this season even though these players are not at the same level as Benzema who has left Real Madrid, but I am pretty sure that Ancelotti will make Real Madrid triumph again next season.
As an experienced coach, Ancelotti knows what he has to do to overcome the existing problems, especially after the departure of Benzema which left many gaps open. Benzema's role is very important, namely where he is able to act as executor and is able to provide assist for Vini and Rodrygo. Ancelotti is faced with young players who lack experience, this transition process will take time if Mbappe cannot be purchased this season. After all Madrid is still Madrid, with its winning mentality it can always recover faster than we thought.