Derrick Henry Contract: Running Back Wasn't Traded, So What Happens Next?

The 2023 NFL trade deadline has come and gone, and there weren't too many major moves. Consider Derrick Henry as the chief example of that.

With the Tennessee Titans struggling, there was talk that their star running back would leave town to join a contender. And while there were reportedly some deals close to completion, the deadline passed without an agreement. Henry, for better or worse, remained on the roster.

But with the trade deadline in the rearview mirror, it's time to start looking forward. What does the future hold for King Henry?

Let's explore the possibilities.

Henry's Contract Expires After This Season

Given his NFL success (more than 8,800 yards and 81 touchdowns through seven-plus seasons), you might be wondering why Henry was on the trade block. His contract is a major piece of the puzzle.

The running back's current deal expires after this season, meaning that he'll be free to leave Tennessee. Given that the Titans are sitting below .500 and unlikely to make serious noise this season, you could argue that it's better to trade Henry now and receive some compensation rather than letting him walk for free in the summer.

It's also worth considering the money involved. Henry is carrying a $16.3 million cap hit this season, and he'll presumably want a raise moving forward. While it's unclear if any team will give him that sort of money, the Titans brass could believe that it's not worth paying one man that sort of money, especially during a rebuilding effort.

Henry Could Join Contender in Free Agency

Based on the gossip around the trade deadline, this option certainly feels possible. The Baltimore Ravens were reportedly close to landing the running back, while teams like the Tampa Bay Buccaneers and the Dallas Cowboys were also mentioned in the rumor mill, but nothing came to fruition.

Once the offseason arrives, though, opposing general managers won't have to negotiate with the Titans. It only comes down to what Henry wants.

Through that lens, joining a contender could be a win-win. Henry would get a chance to lift the Lombardi Trophy and the team in question would land an elite ball-carrier. Even if he's not the focal point of the offense, Henry would certainly help score some touchdowns.

The rub, however, could be finances. At the risk of painting with a broad brush, Henry will probably want a sizable contract, and the best teams already have big contracts on their books. A team like Baltimore, for example, probably wouldn't want to use the majority of their $27 million of 2024 cap space on a single running back.

Star Back Could Take Biggest Deal Available

And on the subject of salary, there is another option. Henry could chase the biggest contract out there, even if it takes him to a less-than-ideal landing spot.

Last offseason, there were two sides of the same coin. Many NFL teams were gun-shy about giving running backs sizable contracts, and the ball-carriers felt like that was a sign of disrespect.

And while Henry is his own man, it's unlikely those sentiments will go away in the space of a year. He's going to want to be paid, and most teams will probably balk at the concept of a long-term deal.

With that said, it's possible that a lower-tier team with plenty of cap space decides that Henry is the perfect statement of intent. Maybe he will be a young quarterback's security blanket; running an offense becomes a bit easier if you can hand the ball off 35 times per game.

Would Henry choose financial rewards over the chance of a championship? It certainly wouldn't be an unprecedented move.

Tennessee Could Prioritize Henry

There's a school of thought that says Henry is a valuable piece of the puzzle, no matter what state the Titans are in. Would he take up a sizable portion of the salary cap? Sure, but he'd also be a constant for a team in transition. Not only would he provide a veteran presence, but he'd take some of the load off rookie QB Will Levis, assuming he stays under center in 2024.

And while there's room to debate the logic behind that choice—maybe it's better to spend Henry's cap hit elsewhere because you fear he can't keep up his current pace—there's something to be said for what you already know. No team, even ones who are rebuilding, want to completely bottom out. That's a recipe for coaches and general managers to lose their jobs.

If the Titans brass wants to toe that line, the big running back could be someone who's tapped to stay around, whether that's through a franchise tag or a proper extension.

Henry Might Not Get Offer He's After

This option is somewhat of a combination of the other scenarios.

Let's say that the Titans have a number in mind for Henry, and he wants to test the open market. It's quite possible that Tennesse will call his bluff and let him seek a new contract.

But, as we've already noted, most teams are unwilling to pay running backs large sums of money. It's not a perfect parallel, but consider how Tony Pollard, Saquon Barkley and Josh Jacobs failed to agree to multi-year deals ahead of the 2023 season. The massive mega-deals are currently for quarterbacks, not running backs. Perhaps Henry believes his situation is different and wants to put things to the test.

Tennessee presumably will have a maximum contract they're willing to offer; if Henry does the rounds and doesn't hear anything better, he'd probably want to circle back. And, if the bridge hasn't been burned between now and the offseason, both parties could come to an agreement.