The deal fell through

If you look at the outgoings and imcomings of players in the last years it's about what you'd expect for Leeds with their salary structure .

Plus, Ferres and Falloon are on one year deals and can't see either being on a big wage due to the situations both got themselves into.
Achurch will be leaving at the end of the season or earlier and some expect Mullally and Mulhern? To be on season long loans that might become permanent.

Given the situation he was in at Hudds then Leeds held all the cards when it came to negotiations,could be a heavily back ended contract.

Ferres, like Justin Carney, could entirely afford to sit back until the right offer came in, so I doubt he'd of come "on the cheap" - but as said, Leeds transfer movements don't seem particularly out of line