Derrick Henry Lands New $30M Ravens Contract, Becomes Highest-Paid NFL RB Over 30 Ever

Derrick Henry had a fantastic 2024 season, and the Baltimore Ravens are rewarding him for it.

The team agreed with the veteran running back on a two-year, $30 million contract extension, agent Todd France told ESPN's Adam Schefter on Wednesday.

Henry, 31, signed a two-year, $16 million contract with the Ravens ahead of the 2024 season. At the time, that was tied for 11th in average annual value among running backs.

Henry undoubtedly outplayed that deal by rushing for 1,921 yards and an NFL-leading 16 touchdowns on the ground last season. He was the perfect fit for Baltimore's dynamic rushing attack, pairing with Lamar Jackson to give the Ravens a truly formidable one-two punch.

It always seemed likely that the Ravens would take care of Henry after his fantastic debut campaign in Baltimore.

"I think he proved he had a lot left in the tank. We'll look at that, it's a good question," general manager Eric DeCosta told reporters in January when asked if the team was considering an extension that could potentially lower Henry's 2025 cap hit (previously $12.8 million). "I'm just so grateful Derrick chose us last year."

Henry, meanwhile, doesn't want to play anywhere else.

"I want to retire a Raven," he told The Athletic's Dianna Russini in early February at the NFL Honors.

The feeling appears to be mutual.