Regens for replacements

[Yorkie]

Have been wondering for a while...
are the regens in game randomly created? Or do they replace an exact retired player in all but name? I remember an old Football Manager game that reused the player, so to speak, but only the name was changed. If you were clever enough you could fathom out who the old player was thus keeping hold of the new youngster...
I know we’ve also had long discussions about regens coming in game too early, and I agree, after 3 seasons there’s some in the England squad already, but not so sure about regen quality?
I’m in my fifth season now and from receiving 9 young regens I’ve only thus far kept hold of 1! The other 8 being average so have let them go. Have I just been unlucky? (my youth team budget is only 10k by the way) Has that effected the quality coming through? Does investing 50k give better regens? I know it didn’t in the 2018 version...

[Jamesy1984]

The budget seems to make no difference at all.

from what I understand how it works is when a player is created they randomly take any current player in their domestic systems potential ability. So it’s not like for like as in a regen spin bowler could take James Anderson’s potential ability and be class. Also I think players can be regenerated more than once. I could be wrong but from
what I’ve read and seen this is what I understand