A pinhole has no lens, and therefore no distortion, and also almost no light. Real cameras use lenses, and real lenses bend rays by an amount that depends on where they hit the glass. The standard model is a polynomial correction applied to the normalised coordinates, before :
with . The first term is radial — the dominant effect, symmetric about the principal point. The second is tangential, and models a lens whose axis is not quite perpendicular to the sensor.
Your reprojection error is 0.3 px in the image centre and 2.5 px at the corners after calibration. What is the likely cause?
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An under-parameterised distortion model. A radially growing residual is the signature of unmodelled radial distortion — you probably fitted only, on a lens that needs as well, or you fitted a pinhole model to a wide lens. Adding parameters blindly is not the answer either: with few observations near the edge, a high-order model will fit noise and produce wild extrapolation outside the calibrated region.