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Cloud radio access networks promise considerable benefits compared to decentralized network architectures, but they also put challenging requirements on the fronthaul and backhaul network. Flexible centralization can relax these requirements by adaptively assigning different parts of the processing chain to either the centralized baseband processors or the base stations based on the load situation, user scenario, and availability of fronthaul links. In this article, we provide a comprehensive overview of different functional split options and analyze their specific requirements. We compare these requirements to available fronthaul technologies, and discuss the convergence of fronthaul and backhaul technologies. By evaluating the aggregated fronthaul traffic, we show the benefits of flexible centralization and give guidelines on how to set up the fronthaul network to avoid over- or under-dimensioning.