The Baltimore Ravens (+1200 to win the Super Bowl) made headlines this week for their franchise-altering blockbuster trade with the Las Vegas Raiders (+20000) to acquire five-time Pro Bowl defensive end Maxx Crosby. The deal elevated a Ravens defense that uncharacteristically struggled in 2025 and drastically improved their odds of winning the Super Bowl.
Or so we thought.
Less than a week later, the Raiders announced that the Ravens had backed out of the trade agreement, and Baltimore took its two first-round picks back as a result. But while Crosby never suited up for the Ravens, the impact of the deal sent ripples through both organizations.
Now for the real twist: Less than 24 hours after canceling the Crosby deal, the Ravens landed top free agent defensive end Trey Hendrickson on a four-year contract. Reports are mixed on the aftermath: Some state that Baltimore simply got cold feet, while others say the franchise had legitimate concerns regarding Crosby’s physical.
In any case, the fallout has reached every corner of the NFL, and it’s left some questioning the Ravens’ ethics. In an effort to better understand the situation, we put together a timeline of events and reports to find out why Baltimore decided to move on from its landmark trade.
March 6: Ravens Trade for Maxx Crosby
The deal was simple for the Ravens. In exchange for Crosby, the franchise agreed to send its first-round picks in 2026 and 2027 to the Raiders. Baltimore was set to pick at No. 14 in the 2026 NFL Draft, but presumably, the 2027 pick would be less valuable with a healthy Lamar Jackson and Crosby on the roster.
It’s a hefty price to pay, but Crosby was seemingly worth the gamble. The 28-year-old is in the prime of his career and has earned Pro Bowl selections in each of the last five seasons. During that stretch, he accumulated 52.5 sacks over 78 games, and he led the league in tackles for loss in 2022 and 2023. Put simply, he’s been one of the few bright spots for Las Vegas.
The Ravens had never traded a first-round pick for a veteran player before, let alone two. It was a huge swing, and analysts praised them for it: Writers from USA Today, Bleacher Report, Sports Illustrated, Sporting News, CBS Sports and SB Nation all gave Baltimore an “A-” or better.
The deal was well worth it for Las Vegas, too, which acquired two additional first round picks. The Raiders are rebuilding and prioritizing young talent right now, so it suited their needs.
March 10: Ravens Back Out of Trade
As suddenly as it went down, the trade was off. Late Tuesday night, Las Vegas announced that the Ravens had backed out of the agreement. The Raiders offered no further comment at the time.
According to ESPN, the decision had everything to do with concerns that came up from Crosby’s physical. By rule, trades are contingent upon players passing a physical, and they aren’t made official until the new league year begins Wednesday afternoon.
The news of Crosby’s reported failed physical wasn’t a huge surprise – he played through a torn meniscus for part of last season and underwent surgery to repair it in January – but because it was so well-known, common sense indicated that Baltimore was well aware of what it was getting into when it agreed to the trade.
In the meantime, though, Las Vegas had used up the bulk of its cap space to sign Tyler Linderbaum, Quay Walker, Nakobe Dean and Kwity Paye. The franchise now finds itself in an interesting position with Crosby back in the fold.
March 11: Ravens Announce Signing of Trey Hendrickson
After moving on from Crosby, the Ravens struck fast to sign All-Pro defensive end Trey Hendrickson, who most recently played for the rival Cincinnati Bengals (+2800).
Skeptics instantly criticized the move and began to question whether Baltimore truly saw something it didn’t like in the failed physical, or if it had second thoughts about giving up such a valuable package for a 28-year-old star with injury concerns.
Whether it’s bad business or not, it’s safe to say that the Ravens’ reputation could be tarnished in the eyes of both the public and rival teams. How comfortable will other franchises be to strike deals with Baltimore knowing that it potentially took advantage of a loophole to get out of a trade agreement?
Where Things Stand for Ravens, Raiders and Bengals
With the dust settled, we still have plenty of questions about where things stand for all three teams involved in the transactions.
Ravens Get Their Guy, Keep Picks
The Ravens still found a way to shore up the defense, and it’s possible that Hendrickson will end up working out better for the team than Crosby would have. Moreover, Baltimore managed to retain its first-round picks for 2026 and 2027 and can now focus on honing in on its selection with the No. 14 pick in this year’s draft.
On the flip side, while the Ravens created $70 million in cap space by nixing the Crosby deal, they’ve already lost a substantial number of their own free agents and failed to negotiate with others who signed elsewhere between the trade coming together and falling apart. How Baltimore manages to plug those holes remains to be seen, but the franchise needs to act fast.
Crosby Recommits to Raiders
Per ESPN’s Adam Schefter, the Raiders have already received calls from numerous teams looking to trade for Crosby. Which teams those are, and what they’re willing to give up, will presumably be uncovered in the coming days and weeks.
In the meantime, Crosby doubled down on his commitment to Las Vegas, expressing on social media that he’s back to being “a Raider.” Him being traded once more wouldn’t be the weirdest thing that’s come of this saga, so it remains a situation worth monitoring.
Bengals Searching for Hendrickson’s Replacement
Lost in all of this is the fact that the Bengals – which already had one of the NFL’s worst defenses last season – have a massive hole to fill following Hendrickson’s departure. What’s worse, several of the top available edge rushers have already signed elsewhere.
There are still options out there, but the names aren’t all that inspiring. Joey Bosa. Arnold Ebiketie. A.J. Epenesa. Haason Reddick. Cameron Jordan.
Perhaps the most interesting – and fitting – solution? A trade for Maxx Crosby. The NFL is known to deliver on drama, and Crosby sticking in the AFC North, only to face the team that may have decided it was better off without him twice per year, would be plenty intriguing.
