Didn't the sportsbooks originally have the Ravens as the favorites to win the Super Bowl before the season actually started? All the sports talking heads claimed that the Ravens had "the best roster in the NFL". When they started to play actual games, though, the reality turned out to be that the Ravens weren't anywhere near as good as everybody thought -- and that was before all the injuries.
Sure the Ravens aren't mathematically eliminated, but they sure haven't looked like a team that could go 9-2 since the fourth quarter of the opening game.