Hi,
I’ve also designed and built in 33 Ohm damping resistors in front of a HY931147C magjack and facing link issues with Netgear GS724T switch.
The switch port is just fluctuating between up and down states according to the switch log quite rapidly (2-3 secs)
Sometimes it stays up for a while, but not more than for an hour.
After disabling spanning tree* (enable “FastLink” in Netgear terminolgy) on the switch port connected to W5500 the link became stable.
In GS724T the setting can be found on GUI: Switching / STP / Advanced CST Port configuration or on CLI:
interface g4
spanning-tree edgeport
This thread is very helpful and just wanted to contribute with my findings.
*edit:
according to Netgear manual enabling FastLink does not disable STP on the port:
“If Fast Link mode is enabled for a interface, the Port State is automatically placed in the Forwarding state when the port link is up. Fast Link optimizes the STP protocol convergence.”