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TDES954: V3Link: PASS toggling in and out

Part Number: TDES954
Other Parts Discussed in Thread: TSER953,

I have a custom board with a TSER953 and a camera sensor on it.  When I hook it up to a deserializer board (have tried both an EVM and a custom board with TDES954 on it) I am getting a PASS signal that is toggling in and out very quickly (10s of ns -- average frequency of about 6.6 MHz).  The LOCK signal is solid. 

More details on the setup:

- Connected through STP wire of about 3 feet (not long)

- The custom deserializer board has been tested with another custom serializer board and works fine there, so that is a (somewhat) trusted entity

- I have tried multiple grounding schemes and converting both sides to coax to no avail

- Cannot share schematics for IP reasons, but would be happy to do so in a private message if necessary

Is this something that has been seen before?  What are some debugging steps I can try to get to the bottom of why this is happening?