Until the ink is dried on the paper, a deal is not official.
"He remains an unrestricted free agent," the Jaguars said at the end of their statement on the matter, per Pelissero.
Dennard was set to sign a three-year, $13.5 million deal with $6 million guaranteed, Pelissero reported on March 17. Instead, the corner is still available for hire in an unusual outcome.
The 28-year-old played in nine games last season, tallying 37 tackles and five passes defended, but was headed out of Cincinnati in pursuit of a new opportunity as the Bengals revamped their secondary. Where Dennard heads from here remains to be seen.