When Jeb approached me with the WATCH YOUR STEP revealer Tracy mentioned, I was underwhelmed. Isn't WATCH YOUR STEP too general, covering everything from potholes to stones to curbs to dog poop? I had a similar issue today, although I like Tracy's interpretation better. WATCH YOUR STEP has a much stronger link to holes than to snakes.

I usually get a ton of questions on these "sticking up" or "sticking down" puzzles — Tracy's last one, unfortunately from just a few weeks ago, was a prime example — so we now err on the side of highlighting in bright colors (see grid below). Hopefully, that makes the HOLE, DITCH, PIT, and GAP stand out.
I enjoyed the themers where the drop-down word spanned the words of the phrase, i.e., CREDIT CHECK. Usually, Will Shortz tells constructors to avoid ones like NO CHOLESTEROL and HOSPITAL STAY because the other words (NO and STAY) come across as superfluous. I used to think this was bunk, but I've come to see the wisdom in that opinion.
These "drop down" puzzles are so hard to build because every themer must be expressed in a T shape. Filling around each intersection is often a bear, and when you have four of them, you're bound to run into severe trade-offs. Toss in a long central revealer — crossing one of the themers! — and stuff like ACEH, AOKI, NEBS, ETAT, ICI are gonna be prices to pay.
I enjoyed a lot of the extras, though, DEMO CREWS, FANNIE MAE, BAD RAP, BEER BONGS, SPOT OF TEA helping to make up for some of the rough patches. Strong work in the two big corners.
Overall, a solid Thursday idea that's a little different than usual "drop down" themes. I'd have liked MIND THE GAP as the revealer, though — spot on for this concept — and one fewer themer, with more smoothness, would have been ideal.
(Publishing this in early 2020 would have been nice, too, considering how close it is to both Jeb's puzzle, as well as to Tracy's last similar one.)