The semantic transferability of general-purpose visual features does not guarantee geometric consistency across images. Using frozen DINOv3 features, we show that geometrically correct correspondences often fall below rank one in cosine similarity yet remain within a small top-$K$ candidate set. This motivates a preserve-then-resolve design: we retain multiple candidates in a many-to-many (m-to-m) association graph and defer their disambiguation to robust estimation. We study m-to-m robust estimation from a probabilistic perspective. We interpret the existing Matching Cardinality Maximization (MCM) mechanism as a dominant-cardinality approximation to likelihood maximization and propose a faster, real-valued mechanism called Harmonic Consensus Maximization (HCM). A two-stage LO-RANSAC uses HCM for candidate sourcing and MCM for graph-aware selection. We evaluate end-task gains in relative-pose estimation, where our pipeline consistently improves rank-one baselines for DINOv2, DINOv3, V-JEPA 2.1, and SigLIP 2. Code is available at https://github.com/LIAS-CUHKSZ/preserve_then_resolve.

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