Yo-yo era (2019–present)
After an 18th-place finish in 2019, Iwata were relegated to J2 for 2020. The following year, Júbilo won J2 and were promoted for the 2022 J1 League season.
In 2022, Júbilo couldn't find their way into success throughout the season, with forgettable campaigns being made in each competition. In the J.League Cup, the team saw an early elimination at the group stage, finishing third at their group after losing half of their fixtures. In the Emperor's Cup, they were eliminated in the Round of 16 by Tokyo Verdy at extra-time, despite looking promising after 5–2 win against Matsumoto Yamaga on the 2nd round.
On 19 October 2022, Júbilo Iwata announced through their media accounts that for both transfers windows of the 2023 season, the club would be unable to make new signings after a ban was imposed by FIFA and the CAS. The ban, however, didn't applied to youth team promotions of Júbilo's academy system, and for players returning from loan transfers. The decision was made based on issues regarding Fabián González's contract with the club, as the player supposedly cancelled a contract signed with an unnamed Thai club without a justifiable reason. According to Júbilo, at the time of his signing (in the pre-season) they were unaware of the previous contract González signed with the Thai club. The situation became public after the Thai club left a complaint highlighting the transfer issue situation to FIFA's Dispute Resolution Chamber in April 2022. González was also imposed a punishment by FIFA, being suspended from any participation in official matches for four months.[4] The transfer ban also led to a provisional contract cancellation of Shu Morooka on 17 November 2022, who had during the season signed a provisional contract for the 2023 season, after graduating from university.[5] Then, on the same day, it was announced he would join Kashima Antlers instead.[6] Later, on 20 December, the club filed an appeal about the CAS decision over the subject, but it was denied on 22 December.[7]
The situation in J1 became much worse for the club, spending the last 16 rounds of the top-flight league without leaving relegation zone, resulted another drop to J2 League for 2023 season, which confirmed on the penultimate round. Nonetheless, just a year later, Iwata eventually made a swift return to J1 for the 2024 season by finishing as runners-up of the second-tier, obtained a 2–1 away win in the final matchweek of the season against Tochigi SC on 12 November 2023 and favoured by results of another matches in the same day.[8][9] On 1 March 2024, Ryo Germain scored 4 goals in a memorable 5–4 league away win against Kawasaki Frontale.
