We had assumed that Denver wasn't a team on Derrick's Ward radar because of their quick acquisitions of J.J. Arrington and Correll Buckhalter. However, that's not true. Mike Florio writes that according to a league source, Ward is now making his way to Denver for a visit.
While it's not indicative of what happened in Cincinnati, we have a pretty good guess. Ward didn't like the deal that Cincinnati may have offered (we're not sure that one was made), and decided to explore other options. This could also be an indicator that the Bengals still feel optimistic about re-signing Cedric Benson, and thus waiting before making an offer to Ward.