MAY 19: Henry’s deal is now official, and Pro Football Talk’s Mike Florio notes it includes a signing bonus of $11.75MM. The pact also contains $1MM roster bonuses for the next two years, with 2025’s guaranteed. Henry’s base salaries for this year ($1.26MM) and next ($1.3MM) are fully locked in, as is a $9.7MM option bonus for the 2026 campaign.
A decision will need to be made by the Ravens ahead of the 2027 season, one in which Henry’s $11MM salary is not guaranteed. When speaking publicly on Monday after signing the deal, he declined to say whether or not he intends to continue playing by that point (h/t ESPN’s Jamison Hensley), but for at least two more years Henry’s future is assured.
MAY 14: The Ravens’ rumored Derrick Henry extension will come to pass. After a dominant Baltimore debut, extension discussions began. Weeks later, the All-Pro back is now signed beyond 2025.
Baltimore will extend Henry on a two-year, $30MM deal, ESPN’s Adam Schefter reports. Henry will see $25MM fully guaranteed. Delivering a monster age-30 season, Henry is now signed through 2027. This deal certainly puts the former Titans star on track to finish his career as a Raven.
Previously attached to a two-year, $16MM deal, Henry entered the 2024 free agency period with mileage concerns. Those helped keep his previously full guarantee ($9MM) low. As Saquon Barkley ($26MM) and D’Andre Swift ($14MM) received far more lucrative at-signing numbers last year, Henry did not receive comparable interest. The Ravens had targeted the likely Hall of Fame-bound back before the 2023 trade deadline, however, and they kept that interest in pairing him with Lamar Jackson a year later. Henry rewarded the AFC North team, helping it claim another division title.
Henry became only the second running back this century to gain at least 1,900 yards and fail to land a first-team All-Pro nod, joining ex-Packer Ahman Green (2003). It took a historic Barkley stampede to deny Henry that. Henry, however, led the NFL with 16 rushing touchdowns during his 1,921-yard rampage.
After the Eagles rewarded last year’s first-team All-Pro RB with a deal that included $36MM fully guaranteed, the Ravens will give their bulldozing starter a guarantee near the top tier at the position. Henry’s $25MM ranks behind only Barkley’s number and Ashton Jeanty‘s rookie contract among locked-in money at the position. It provides the 10th-year veteran considerable security for 2026, providing a clear sign the former Heisman winner will play beyond this season.
This Ravens decision represents a tremendous commitment to a player who is 31 and has logged 2,355 career carries — most among any back on a current roster. Henry has a 639-carry edge on Joe Mixon, who sits in second among active RBs. Henry has now secured two big-ticket extensions during his career. This one, despite Henry’s age, nearly eclipses his 2020 Titans accord in guarantees. That deal, agreed to at the 2020 franchise tag deadline, brought $25.5MM locked in.
Though, Henry needed to sign for four years to secure that number. The Ravens are authorizing this lofty guarantee over two based on his status as one of the most reliable RBs in NFL history. Henry has six 1,000-yard seasons on his resume; last year’s showing checked in nearly 400 yards clear of every non-2020 slate for the former rushing champ. Since he gave way to DeMarco Murray early in his career, all six have come since 2018.
Joining Barkley in making a significant difference for his team as a 2024 free agent signing, Henry will have a chance to move the Ravens back to a Super Bowl over the next two seasons. Baltimore is still taking a risk by making such a lucrative 2026 commitment for a player at Henry’s age, but the team is betting on the durable — save for a 2021 foot injury — back continuing to pound away. This durability has allowed Henry to accumulate more than $74MM during his career; Wednesday’s agreement will push that number to the $100MM doorstep.
Precise details of Henry’s new contract are still being reported, but it should reduce his 2025 cap hit, which was originally just under $13MM. That will give the Ravens some more breathing room with the salary cap as they finish signing their 2025 draft class and make their annual summer veteran additions, which could include a safety after Ar’Darius Washington‘s torn Achilles.
As for cashflow, Henry will received $14MM in 2025 and $11MM in 2026, according to Sports Illustrated’s Albert Breer, representing all of his fully guaranteed money He’ll be due another $12MM in cash in 2027, which is essentially a team option year since none of his salary is guaranteed.
By then, Henry will be 33 years old, far past the retirement age for most NFL running backs. If he and the Ravens have captured their elusive Super Bowl win by then, he could hang up the cleats and start preparing his Hall of Fame acceptance speech. If not, he may run it back in Baltimore for one last shot at a Lombardi before he retires.
Nikhil Mehta contributed to this post.
Good business. Top 3 RB in the league
I know he’s 30 but still seems like a cheap deal.
Well deserved, just like Saquon’s extension was with us.
The common thread here- Henry and Barkley were both gifted to their current teams by Tennessee and NY Giants respectively through free agency. That’s a bad look for their former employers.
Well keeping Henry and Barkley wasn’t going to get the Titans or Giants anywhere close to being playoff contenders so might as well get on with the much needed reboots.
Henry leaving Nashville for Baltimore was tied to the Titans’ youth movement. Barkley leaving New York for Philadelphia was because the Giants gave a big-money contract to Daniel Jones — how’d that contract turn out?
As long as he stays healthy – and he has – this is a great signing.
You have to assume the cliff will come for him at some point, given that he’s a 31-year old running back with a lot of mileage on him, but if there’s any guy who you’d bet on to beat running back probability, it’s Henry.
Besides that, $15 million may be a lot for a running back, but it’s still less than guys like Christian Kirk and Calvin Ridley have gotten in the receiver realm, so it’s hard to make too much of a fuss when it’s a truly rare talent at RB.
it’s crazy because I remember coming out of Alabama they mentioned he was the most used RB in Alabama history. He is #6 in attempts but top 5 were 3+ years. I didn’t think he’d hold up like this, but I’m glad he did because he seems to be a good dude. as for future wise, last season he averaged less attempt/gm than all non-injured season in Tennessee. its probably the best situation for him with Jackson as QB, who isn’t as much a runner as before but still very much a threat. I don’t know what more Baltimore has to do to get back to the big game. I feel every year they are right there. last year was def one for the taking and prob hurts the most.
Yeah, it’s a shame it ended the way it did. As for Henry himself, his career could end tomorrow and he still would have been an outlier, but I hope he can keep defying the odds. He’s one of one.
25 mil guaranteed. Woah.
No one wants to hit Henry no matter his age. I do hope they try to keep him fresh for playoffs that is the real reason they got him. Need good backups to take load off.
I still think Rasheen Ali can be a solid rotational back to complement Hill and Mitchell’s speed.
Mitchell should have been used more at the end of last season but Henry was on a roll while they took the division. Mitchell will help out more this year, but getting closer to 12,000 career rushing yards, Henry is the shark smelling blood.
Wasn’t Keaton recovering from the torn ACL? Not sure he was active, but yes if he is healthy now they need to use him.
Mitchell was activated after wk 10 last year but with Henry-Hill playing well, they let him mostly return on special teams. A careful approach but he should have gotten more work in the final three games in my opinion.
Always important to take care of the people that give you their all.
Teams keep getting him on a bargain.
The dude just seems like a lunch pail guy.
Sucks for him. He is a first ballot hall of famer stuck in offenses with clowns like Tannehill, Levis and Lamar. Luckily, he won’t need a ring to get in.