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Everyone everywhere wondered the same thing as soon as the Las Vegas Raiders broke the news that the Ravens would not, in fact, be trading for Maxx Crosby.

What happened?

Those embroiled in the most intense week of the year — NFL front office types and player agents — quickly began trying to work it out (or, in the absence of information, gossiped about it).

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The Raiders’ statement didn’t clear anything up. National reporters began saying the five-time Pro Bowl defensive end had failed his physical. The Ravens did not confirm that (general manager Eric DeCosta stayed away from even mentioning the medical side of things when he spoke to the media Wednesday), but the interpretations came swiftly.

“This reeks of cold feet,” one league source said shortly after the deal fell through.

DeCosta maintains he made a difficult decision based on information the team gathered and did the right thing for the franchise.

Medical professionals told The Banner the team would have received detailed records on Crosby’s medical condition upon agreeing to the trade but could have discovered something concerning upon in-person evaluation.

Crosby’s agency and his surgeon have pushed back against the notion there’s anything amiss with his repaired meniscus or any other part of his knee.

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That leaves us with two interpretations of what happened that may never be squared. Either the Ravens acted prudently to avoid giving up assets to acquire a player who might be limited in the future, or they manipulated their evaluation when it became clear they could add the top pass rusher in free agency, Trey Hendrickson, without giving up draft picks.

There is, by nature, plenty of wiggle room when it comes to medical evaluations.

“You’re going to do as much homework, especially with a trade of this magnitude involving the level of compensation, the level of the player involved,” said Sūmer Sports’ John Idzik, former general manager of the New York Jets. “... That being said, you know, there are 32 different clubs that are going to have 32 different levels of risk.”

Other league sources pointed out that a physical gives a team the perfect out. What one team deems a liability, another might decide is low risk compared to the reward. That happens all the time in the draft.

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Clearly, in the time between the trade Friday night and the physical, the “risk tolerance lessened,” as one source put it.

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The issue, league sources said, is whether the Ravens made an earnest assessment based on what they saw or used it as an excuse when they discovered an option that did not force them to so dramatically depart from their long-held team-building philosophy.

DeCosta went against what he stands for by trading not one but two premium draft picks for an established player.

This is not the first time a team has started to question a trade or signing before it is finalized.

Mike Tannenbaum, founder of The 33rd Team, a former executive for the Miami Dolphins and another ex-Jets general manager, pointed to quarterback Drew Brees’ situation. He failed the Dolphins’ physical when they were thinking of bringing him on as a free agent, “and he went on to have one of the greatest careers in the history of football.” He said you only see situations this extreme once every five to 10 years.

He and Idzik said it is a fact of life in the NFL that a trade or free-agent signing negotiated before the start of the league year comes with the risk it will fall through.

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“Everybody has contingency plans or alternatives, right?” Idzik said. “You have to develop those no matter what the situation. Until the ink is dry on the paper and the player is in your facility, you can’t say that it’s done.”

After the trade, Crosby posted on his social media about how excited he was to play for Baltimore and began his trek to the city.

As the “legal tampering” period launched a flurry of moves Monday, the Ravens appeared content to have Crosby be their marquee acquisition. But, at the end of the first 24 hours, Hendrickson remained available. He was asking for a yearly salary similar to what Crosby is owed.

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So, when news broke that the Ravens wouldn’t go through with Crosby, multiple sources immediately wrote: “Watch them sign Hendrickson.”

The deal was done by morning. Sources called it “shady” and “bad business.”

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DeCosta’s news conference gave him a chance to present his side.

“One of the key things is you bring the player in and try to get as much information as you can,” he said. “We did that, and we were not able to complete the process of acquiring the player based on our assessment of the situation.”

DeCosta called the Hendrickson signing and the Crosby trade “mutually exclusive.”

“I think we came to a point probably after we lost [center] Tyler [Linderbaum], where, as we’re trying to find the best way for us to get better as a football team, Trey kind of made a lot of sense as a possible guy to look at,” DeCosta said. “So we started some discussions with him and his agent, thinking that potentially we’d have two pass rushers on the defensive line on both sides of the line. Again, I think it was disappointing to us and probably, in a way, potentially disappointing probably to Trey as well.”

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NFL sources who spoke to The Banner acknowledged the possibility of medical issues scuttling a deal but took umbrage with the Ravens because of the timing. By nixing the Crosby deal at a critical juncture, they disrupted the entire free agency market and planning for other teams.

“I understand how people might — maybe from afar — would feel that way, but nobody is more upset about this than me,” DeCosta said. “I am gutted by it, actually. And so a big regret for me.”

The Raiders are most impacted. They signed eight players to $281.5 million in contracts early in the week and still have enough cap space to take Crosby back, but that’s a seismic change for a rebuilding team.

Other teams who might have wanted to trade for Crosby had to move on quickly, too. The Dallas Cowboys traded for Rashan Gary and are no longer pursuing Crosby.

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Idzik declined to share his opinion on whether the Ravens were telling the truth about their medical evaluation but called the situation “a bit of an anomaly.”

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“They’ve had a very upstanding reputation for an extended period of time,” Idzik said.

Some sources working for NFL teams agreed the Ravens had earned the benefit of the doubt, but others thought this would hurt the team’s reputation.

Only time will tell if Crosby can continue to play at a high level, but if he thrives it may cast more doubt on the Ravens, those sources said.

General managers might remember this as they negotiate with the Ravens in the future, some sources said. Agents, too, may be wary.

But life will go on in the NFL. Hard feelings or not, business needs to get done.

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“I think the world kind of stopped for a minute,” Tannenbaum said. “It was very surprising and unusual. And everything just continued from there.”

As DeCosta said, it hasn’t stopped his phone from ringing.

“I think what may have happened in one instance would not overrule years and years of how you’ve established yourself in the league,” Idzik said. “But that’s not to say, when it happens, it [doesn’t] sting and catch everybody off guard.”