Robustness remains the principal open problem in deep image watermarking, and what limits it becomes sharper as payload grows. This paper asks whether capacity is itself the limit or only makes other limits visible, and answers in two parts. The first organizes the distortions a watermark must survive and the strategies developed to resist them, ordering each by the axis that governs it: payload capacity for the distortions, differentiability for the strategies. The second identifies and measures three mechanisms that limit robustness in schemes mapping the payload onto a spatial block grid with extraction trained separately from a frozen embedder: desynchronization of the payload grid, the resistance of codec-induced distortion to training, and the narrowing of the usable embedding-strength window. Payloads from 64 to 16384 bits are measured, well beyond the range those strategies address. Training the extraction stage against a codec proves not merely ineffective but harmful, degrading the reading at the operating points used in training. The limits follow the class of distortion rather than capacity itself, and none is removed by further training on the extraction side, because all three arise before extraction. An evaluation protocol making claims of generalization verifiable is also contributed. The conclusions are properties of a class of designs rather than of one implementation.

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