While this sort of scenario has happened before (every trade is subject to passing the physical), the timing is horrible - the Raiders now have a ton of new hires they made under the assumption they wouldn't be carrying Crosby's salary, and they still have to be compliant to the 2026 cap _today_ at 4 Eastern.
I believe the Raiders will be under for this season, but they will have to get Crosby out the door before next season (almost certainly by taking a lesser deal this week, as you don't want him in the building after that mess), but even then the Raiders are still blocked from picking up lower tier deals this year until Crosby's money is off the books from a trade.
As for the Ravens, that's the sort of stink that sticks on you for years - and when they do finally trade with the Raiders again in a decade+, this failed trade will still be mentioned.