@OBAX ......I cannot remember having a calf go from perfectly fine one feeding, ESPECIALLY an older calf, to sick, down, and watery diarrhea with nothing have changed except the milk replacer. Especially if the calf has been under my care for a period of time....
Since I had a SIMILAR thing happen, with a new bag of milk replacer once, I felt like that could most likely be the culprit. If the poster had already put 2 bags into the calf over time, the calf was not a brand new baby. I have had a few that have gone down quickly, but they have almost always been real young, mostly under 2 weeks is when they seem to be most likely to succumb to a fast acting stomach type ailment,caused by one of several known problems calves get.
Speaking from my own experience only, as are most all the answers that other members give here. I have raised countless numbers of calves over the years, on replacer and on nurse cows.
You learn what things seem to trigger problems, and I have also learned that there were farms where their "bugs/germs" were NOT compatible with the bugs/germs on my farm and I could not raise 1 in 10 of their calves. Other farms, I would be able to take weak and sickly calves and get them to turn around.