The Tennessee Titans renegotiated Derrick Henry's contract to increase his salary from $12 million to $14 million for the 2022 NFL season, according to NFL Network's Ian Rapoport.
Tennessee didn't extend the term of Henry's deal, so the two-time Pro Bowler is still set to be a free agent in 2024.
According to Pro Football Talk's Mike Florio, Henry's new base salary will be $4 million. He'll collect another $9 million as a signing bonus, with the remaining $1 million based on his per-game roster bonuses.
Titans insider Mike Herndon laid out how this doesn't foreshadow a separation in 2023, either:
Mike Herndon @MikeMiracles
The way Henry’s new contract is set up, the <a href="https://twitter.com/hashtag/Titans?src=hash&ref_src=twsrc%5Etfw">#Titans</a> would only save $3.75M against the 2023 cap if they released him next offseason. Before this restructure, they would have been able to save $12.5M. Major difference.
Henry continued to be one of the NFL's best running backs when he was healthy in 2021. He averaged a league-best 117.1 yards per game and had 10 touchdowns.
Unfortunately, the 28-year-old missed the final nine games of the season because of a Jones fracture in his foot. He didn't look to be at 100 percent when he returned in the AFC divisional round, going for 62 yards and one touchdown on 20 carries in a 19-16 loss to the Cincinnati Bengals.
Thursday's move means Henry gets a little more money upfront, which is always a bonus for veteran running backs.
Maintaining the length of his original contract also sets him to hit the open market again at 30, when he could still be in a good position to collect a multiyear deal. Nothing stops him and the Titans from working out something before that, too.
The franchise, meanwhile, creates some more wiggle room in 2023 by shifting some of Henry's 2023 salary to 2022. Spotrac estimates Tennessee to be nearly $8.7 million over the cap for next year. Only three teams are on track to have a higher cap burden.