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.
