The Ravens and Derrick Henry agreed to a two-year, $30 million contract extension Wednesday that will keep the 31-year-old off the free-agent market and reward him for a record-breaking first year in Baltimore. The extension includes $25 million fully guaranteed, according to a league source.
After spending his first eight NFL seasons with the Tennessee Titans, Henry signed a two-year, $16 million deal with the Ravens in March 2024. He enjoyed one of the best seasons of his career, rushing for 1,921 yards and totaling a career-high-tying 18 touchdowns. Henry finished fourth in the NFL’s Offensive Player of the Year voting.
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The offseason agreement, which comes more than two months after the Super Bowl champion Philadelphia Eagles extended the contract of Saquon Barkley and made him the highest-paid running back in NFL history, isn’t a big surprise. Henry had been just the 13th highest-paid running back in football in terms of average money per year before this agreement.
Henry outperformed his initial deal with the Ravens by producing on the field, joining quarterback Lamar Jackson to form one of the league’s most dynamic tandems. The Ravens touted Henry’s professionalism and work ethic throughout the season, and he became particularly close with Jackson, easing the burden on the two-time MVP quarterback who had arguably his best season in 2024.
Baltimore is typically reluctant to sign high-profile free agents, but Henry proved to be a perfect fit, an ideal marriage between one of the most physical and productive running backs of his generation and an offense that loves running the football. Henry’s 1,921 rushing yards were second in the NFL to Barkley’s 2,005 and the most for a player 30 years or older in NFL history. Henry’s 16 rushing touchdowns tied for the league lead and broke a Ravens franchise record.
There’s always risk in signing older running backs, and Henry has plenty of mileage on him. He’s had 2,355 career regular-season carries to go along with 174 receptions. However, Henry did not look last year like a player slowing down. He has a maniacal workout and body maintenance routine. He is also often on the delivery end of the punishment rather than the receiving end.
The Ravens have many contract decisions to make in the months ahead. Jackson’s cap number rises to $74.5 million in 2026, so the Ravens would benefit by reaching a new deal with their franchise quarterback that has a flatter structure. Tight ends Mark Andrews and Isaiah Likely, center Tyler Linderbaum and edge rusher Odafe Oweh are among the team’s key players entering the final year of their contracts. Star safety Kyle Hamilton is eligible for a contract extension, too.
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Yet, of all the decisions that general manager Eric DeCosta has to make in the coming months, extending Henry was one of the easiest.
Why now?
Henry outperformed his initial two-year, $16 million contract with the Ravens, and he was deserving of another commitment from the team. Before the new deal, Henry was the 13th highest-paid running back in the NFL despite perennially being one of the league’s top performers.
The Ravens’ Super Bowl window is open, and Henry has shown no signs of slowing down. The running back has also talked openly about wanting Baltimore to be the last stop in his career. It made perfect sense for the Ravens to extend his contract and make sure Henry is feeling good about his status heading into an important season for the franchise.
What’s next?
For Henry, he gets to continue his ascent up the all-time rushing list. His 11,423 career rushing yards rank 19th all time. With a 1,000-yard rushing season in 2025 — and he nearly doubled that output in his first season with the Ravens — Henry would move just outside the top 10 in career rushing yards.
For the Ravens, they have numerous other contract-related questions looming. Andrews, Likely, Linderbaum and Oweh are all entering the final years of their deals. Hamilton just had his fifth-year option picked up, but the goal remains to sign him to a contract extension. Jackson’s salary-cap number rises to $74.5 million next year, so the Ravens want to get something done with him sooner rather than later. Getting Henry done at this stage checks off a major item on DeCosta’s offseason to-do list.
(Photo: Al Bello / Getty Images)
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