The biggest trade of the 2026 offseason is no more.
The Baltimore Ravens have "backed out" of the trade to acquire pass rusher Maxx Crosby, the Las Vegas Raiders .
Baltimore's decision to do so was based on a medical reason, NFL Network Insider Mike Garafolo reported.
"The Baltimore Ravens have backed out of our trade agreement for Maxx Crosby. We will have no further comment at this time," the team's statement read.
The Ravens did not release any statement, citing in an article on the team website. The trade, pending a physical, would not have been made official until the start of the new league year on Wednesday.
CJ LaBoy, Crosby's agent, released a statement on social media, conveying Crosby was "" in his recovery from knee surgery.
The Ravens and Raiders had agreed to the trade, which was going to net Las Vegas two first-round picks, on March 6. Crosby to Baltimore -- what was supposed to be his new home -- but following a physical evaluation, the transaction won't cross the finish line.
Crosby's road out of Las Vegas initially began when the team placed him on injured reserve for the final two games of the 2025 season due to a knee injury he had been battling. Crosby was disgruntled by the decision, but he did undergo an offseason procedure to repair his meniscus.
Fallout from Tuesday's news could negatively impact how other clubs work with the Ravens, NFL Network's Cameron Wolfe reported. Wolfe was told by an NFL general manager that everyone involved in trade talks knew the pass rusher would be out until June or July. The consensus Wolfe received was that the Ravens got cold feet.
Hitting the undo button comes with massive ramifications for both teams, not to mention plenty of other clubs around the league who missed out on Crosby in the initial sweepstakes.
The Raiders, especially, will need to work out how exactly to move forward. They have very much been spending like a team that freed up a ton of cap space during the negotiating window leading up to Wednesday's start to the new league year.
Las Vegas went on a $281.5 million spending spree Monday, bolstering its offensive line with former Ravens center Tyler Linderbaum, re-signing Eric Stokes and fortifying the defense for the anticipated post-Crosby era by adding Kwity Paye, Nakobe Dean, Quay Walker and Taron Johnson.
Like the Crosby trade, none of the team's free-agent deals are official yet; with the trade's disintegration, the Raiders lost $30 million in cap space, .
The Ravens, conversely, have been navigating with the knowledge that Crosby was their big splash, so far just re-signing quarterback Tyler Huntley as a backup and inking offensive lineman John Simpson to a three-year pact. There's no telling what free agents they might have gone after who have already agreed to terms with other squads.
Baltimore's reported trade for Crosby on Friday set the stage for the first wave of free agency, and the ripple effects of it coming undone will reach several teams.
One general manager summarized the feelings around the league to NFL Network Insider Tom Pelissero with the following: "This is very much bull---- on Baltimore's part."
Judgement aside, Crosby could be moved once more, though the medical issues would potentially impact future compensation, Garafolo, Pelissero and NFL Network Insider Ian Rapoport noted. Money committed to other new players might also affect the mindset of any teams remaining interested.
The Dallas Cowboys stand out as one example of a club that completely pivoted the past two days. NFL Network's Jane Slater reported in the wake of the initial trade agreement that Dallas was interested but would not match the price of two first-rounders. She reported Wednesday that the Cowboys have moved on past a Crosby union.
They instead agreed to trade a 2027 fourth-round pick to the Green Bay Packers for a pass rusher of much less renown, Rashan Gary, and also added defensive lineman Otito Ogbonnia. Again, neither of those moves can be made official until 1 p.m. ET on Wednesday.
Will teams reconsider going back to the table, knowing a medical issue capsized the Ravens trade and could possibly lower the price to a place they feel comfortable? How many other organizations will take a second look at a trade for such a remarkable talent? What would the tenor of long-term reunion in Las Vegas be like if no suitor steps up after the sides already said their goodbyes?
The only thing certain is Crosby is heading back to Las Vegas for the time being.
