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(with massive drop, max at 49mm).
Designing the fork to use the full brake drop is Felt's way of getting the underside of the fork crown well clear of the tyre. This is done for aerodynamic reasons. See also Trek SC, similar big clearance but with an integrated brake
and the Felt IA
and of course the UKSI pursuit fork
Exactly. If you make a proper external steerer fork (hinge, bayonet, whatever you want to call it), you can reduce the diameter of the pivot shaft and with it the headset bearings and head tube.