Derrick Henry, Ravens agree on historic contract extension

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, $16M deal, Henry entered the 2024 free-agency period with mileage concerns. Those helped keep his previously full guarantee ($9M) low. As Saquon Barkley ($26M) and D’Andre Swift ($14M) 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). 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 $36M fully guaranteed, the Ravens will give their bulldozing starter a guarantee near the top tier at the position. Henry’s $25M ranks behind only Barkley’s number and Ashton Jeanty‘s rookie contract among locked-in money at the position.

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 600-plus-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 $25.5M locked in. Although Henry needed to sign for four years to secure that number. The Ravens are signing it over two, based on his status as one of the most reliable RBs in NFL history.

Precise details of Henry’s new contract are still being reported, but it should reduce his 2025 cap hit, which was originally just under $13M. 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 cash flow, Henry will receive $14M in 2025 and $11M in 2026, according to Sports Illustrated’s Albert Breer, representing all of his fully guaranteed money. He’ll be due another $12M 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.