Correct me if I’m wrong.
Yes offsides can be declined, but offsides is just lining up in (or past) the neutral zone without contact (it’s why the offense gets a free play).
if he touches the offensive player before the snap, it becomes encroachment, which doesn't allow for a play to be run (it’s a dead ball foul), and doesn’t take any time off the clock. Even if they could decline - which I’m not sure they even can with encroachment - to try to make it a 1st and 5 scenario, Baltimore could just encroach again to prevent a play from being run (and the clock from being run).
(I also think you can decline personal fouls, just no one ever really does.)