Custom Ethernet + POE with W5500, cable issues

Hello. I designed a board for ethernet daisy-chaining with a plug-in passive POE board, and would like some help on the next iteration before I order more parts. I know it is niche and RS485 + power would've been more straight forward, but I would like to learn why this works and doesn't work. The POE board converts the V+ and V- from the Magjack connectors to a clean 5V, and I can interact with the W5500 with a microcontroller, but I've never gotten it to connect to the network properly. Link status is OFF, but the router and cable are fairly new. I think I am not following the W5500 reference designs well, though it is hard to match their designs when I would like to daisy-chain these and need a Magjack connector that can handle POE, and their examples don't do that. My old design (top image) is assembled, and I have not ordered the parts for my new design (bottom image) yet. Any help on this would be greatly appreciated as I am starting to get burned out. Thank you. EDIT: The new design does work, but does not allow for daisy-chaining.