After looking great for several days practicing against the Philadelphia Eagles, Ravens wide receiver Michael Campanaro sat out the second preseason game against them. This can be interpreted several ways, although I think one path makes more sense than the others.
Although there was a question of whether Campanaro was going to be able to win a spot in light of his injury during off-season camps, those questions seem to have already been answered. He brings skills and abilities not possessed by any of the receivers who are locks or near locks to make the roster. A shifty slot receiver with above average YAC ability, Campanaro has clearly separated himself from the others with these abilities- UDFA DeAndre Carter and roster longshot and converted DB Tom Nelson. While Campanaro has looked great as a receiver and solid as a returner, Carter has essentially played himself off the roster by mishandling the majority of his in-game return opportunities. Nelson has looked great as a route runner and solid as a returner, but he was always more of a practice squad option. Although I wouldn't write him off with 100% certainty, I would say it is pretty close.
So with Campanaro sitting out this game, it makes sense that the Ravens felt they have seen enough from him to separate from the rest of the pack. The team has limited returning options, with Campanaro and CB Asa Jackson leading the pack for the returner position. If the Ravens are already convinced that Campanaro deserves a roster spot based on his performance so far, then why risk him to injury more than necessary. The team gave up a 6th rounder to get him in 2014, and kept him on the roster for the season, so they clearly value his skills.
Going forward, my guess would be that he practices like normal, plays in preseason game 3 against the Redskins, and then sits out preseason game 4 for the same reason. He has a chance to be a big part of the Ravens season if healthy, so why risk his health, especially in light of the recent injuries to Kelvin Benjamin and Jordy Nelson.