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This one is a little bit of a long shot, but hear me out.
By the time of the draft, Chris Johnson will be three years removed from his 2,000 yard season. In running back years, that's a long time. Furthermore, 2011 was a terrible year for Chris Johnson, and the Titans were 31st in the league in rushing.
Finally, he'll be owed $9 million in 2013. If he doesn't have a great year in 2012, there's no way he's seeing that money. Middle of the road starting quarterbacks get that kind of paycheck, not middle of the road running backs.
If the Titans cut Chris Johnson, they may take a running back early on in the draft, and one of the ones I think they'd be interested in is North Carolina's Giovanni Bernard.
Bernard burst onto the scene in 2011 with 1,253 rushing yards and 13 touchdowns, along with 362 receiving yards and another touchdown. He's a player that is very similar to Chris Johnson in that he's small and fast, but can also catch and break tackles.
Furthermore, the Titans could get him in the second or third round as of right now, so he'd be a great value if a running back was needed.