Currently Madrid is filled with many talented young players but still Madrid extended the contracts of Carvajal and Modric, the extension of the contracts of the two old players has a strong reason at the moment, Ancelotti is well aware that his current young squad will be able to compete in La Liga and also the Champions League, but he still needs Modric and also Carvajal as a player who is able to help the young players with his experience and maturity on the pitch Later, currently Modric and Carvajal are the two remaining players from the previous Los Galaticos golden era, although both are currently still part of the new era Los Galaticos squad but their roles will no longer be as crucial like as previously.
Modric and Carvajal were important players in the previous Los Galatics era when the BBC trio (Benzema, Bale, Cristiano Ronaldo) became Madrid's attacking line, even though they are now old, but Madrid still entrusts the two to be an important part of the rise of the new era of Los Galaticos today.
Carvajal is a very important player for Real, it is very difficult to find a worthy replacement for him, and besides, he is not very old, for a defender, 32 years old will still allow him to play for several seasons if desired. At least now he is in very good shape and, together with Rüdiger, clearly forms the basis of the defense. With Modric everything is not so clear, he is definitely an experienced player, but his importance for Real is not so important now, the middle line was left without Kroos, this is of course a significant loss, but Modric is not the one who can cover his absence.
They will definitely make up for Kroos' absence. Real Madrid is the team that makes all kinds of plans best. Toni Kroos has always been one of the most useful players for them. Now that he has retired, a new person should be transferred to that area. I think Real Madrid will not be in a hurry for this region, but Ancelotti must have calculated everything. You are absolutely right about Carvajal, he is a very important name for the defense. Real will benefit from him for at least 2 more years.