Downloading ELF Process failed of Project

The no PHY connected message means that something is wrong with the MDIO signals - either the clock or the data. Check that you connected them correctly, especially the bidirectionnal data signal, as you have 3 signals to/from the TSE that you need to combine in a single tristate buffer.

It should still work, as long as the Ethernet connection is using the same speed the TSE is configured to. Without the MDIO communication the TSE has no way of finding out what speed the PHY negotiated on the link.