You don't need to do anything exotic to get this look. 95% of it can be done right in ACR (or the "Develop" module of Lightroom, which is identical to ACR, except for the user interface). Only the very last step, adding a bit of softening, was done in PS using the median filter (r=1).
Below I have attached a comparison of (a) the look the OP is trying to achieve (labeled, "Goal"), and (b) the result I achieved (...as described above - labeled, "Tweaked by TJM"). The major part of this effect comes from using the HSL / Grayscale tab in ACR to its fullest potential. I have attached a copy of my ACR / LR preset (ie, the xmp file). From this, you will be able to see exactly what I did. The only part of this approach that I'm unhappy about is that the red badge on his shirt is too desaturated in my version. Obviously, this could easily be fixed, but I was trying to stay with a method that only used global adjustments (such as offered in ACR / LR).
HTH,
Tom M
PS - IMHO, in situations like this, presenting written suggestions for an approach without also presenting a (literally) SIDE-BY-SIDE visual comparison like mine really have to be taken with the proverbial "grain of salt" because there are so very many ways one can execute a written description of an approach. I realize that sometimes responders to an inquiry are pressed for time, but, IMHO, written descriptions without an actual demo leave way too much wiggle room.
