Match of the Day presenter  and England legend Gary Lineker reckons it should become a bank holiday.
On Twitter Joey Barton described it as being like "Christmas eve for football fans".
But is it always exciting?
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Everyone remembers the thrill of deadline day in January 2011, right?
Fernando Torres famously moved to Chelsea for Â£50m and Andy Carroll cost Liverpool Â£35m - despite having made just 41 Premier League appearances.
It's fair to say that neither of those moves ended up being a resounding success.
Luis Suarez, who also moved in the January window, certainly did the business for Liverpool but he was the exception rather than the rule.
Since that breathless day of big money moves things have quietened right down.
The highlight of deadline day in 2013 was probably Christopher Samba joining QPR, in 2014 it was arguably Kim Kallstrom going to the Emirates.
Many fans would argue those aren't names worthy of a national holiday, despite what Lineker says.
But surely the sheer volume of transfers makes up for the questionable quality of individual deals done?
Well it seems that isn't entirely accurate either.
According to Omar Chaudhuri, a data analyst with 21st club, only 74 deals have been completed on the final day of the window in the last four years.
Bear in mind, many of those players will be youngsters unlikely to ever play in the first team and the figure drops even further.
In terms of minutes played by the new signings, a quarter of new players fail to play even 20% of minutes.
It seems most clubs now realise the really good deals are done way before the deadline, when agents don't have the chance to inflate prices to a ludicrous degree.
Frankly even the speculation about who could potentially be moving was tame this year.
Fans on Twitter expressed their disappointment that there weren't more red herrings being bandied around on social media.
Perhaps most people are cottoning on that transfer deadline day is largely hype, not quite worthy of the attention it receives.
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Is transfer deadline day worth the hype or is it all style and no substance?