NFL Rumors: Titans' Derrick Henry Not Expected to Receive $12M Franchise Tag

The Tennessee Titans are not expected to use the $12.1 million franchise tag to retain veteran running back Derrick Henry for the 2024 season, according to ESPN's Adam Schefter.

He also reported that the New York Giants' Saquon Barkley, Las Vegas Raiders' Josh Jacobs, Dallas Cowboys' Tony Pollard and Los Angeles Chargers' Austin Ekeler aren't expected to receive the franchise tag from their respective teams and will hit free agency, making it an extremely strong class of available running backs for interested teams.

Add in the Philadelphia Eagles' D'Andre Swift, the Baltimore Ravens' J.K. Dobbins and the Houston Texans' Devin Singletary hitting free agency, and it should be a fascinating offseason at the position.

But Henry, 30, will absolutely be among the top options.

The four-time Pro Bowler had another strong year in 2023, rushing for 1,167 yards and 12 touchdowns while adding 28 catches for 214 yards. For the fourth time in the past five seasons, he led the NFL in carries (280).

His heavy usage—he's exceeded 300 touches in four straight seasons—and his age could limit his market value for teams worried about an eventual falloff. That didn't happen in 2023, with PFF ranking him the No. 31 overall free agent available and noting that his "3.32 yards after contact per attempt in 2023 was still a top-tier mark."

But teams may be wary of splashing major cash in a short-term deal or risking a longer pact, especially with such a vibrant running back market overall.

A reunion in Tennessee on a rebuilding Titans team feels unlikely—especially with promising running back Tyjae Spears on the roster and potentially in line for a bigger role—though Henry did sound open to a return while speaking with reporters at the Pro Bowl.

"We'll see what happens," he said. "I have been a Tennessee Titan my whole career. I love Tennessee—that's all I have known. I love the fans. This is the first time I've been a free agent, so we'll see what happens. And I'll leave everything else up to god."