Per that report, "As a matter of policy, Tennessee does not do contract extensions in-season with players." But Schefter added that "others around the league have taken notice that the Titans have not tried to re-sign Henry when they could, and that the player that has powered Tennessee's offense is scheduled to become a free agent."
Henry, 25, has been excellent this season, rushing for 1,140 yards and 11 touchdowns on 232 carries (4.9 yards per carry). He's third in the NFL in rushing and tied for third in rushing touchdowns and has now rushed for 1,000 or more yards in two consecutive seasons.
He's also having his best season in the passing game, setting career highs in receptions (17), receiving yards (200) and receiving scores (two).
Henry's strong play, combined with the steadying presence of Ryan Tannehill at quarterback since he's taken over as the starter, has the Titans (7-5) in the hunt for a playoff berth.
B/R Gridiron @brgridiron
Titans are playing their best football of the year. ⚔️ 5-1 record, Tannehill with 15 total TDs in last 6 games ⚔️ Derrick Henry: Over 1,000 rushing yards, double-digit TDs on the year Red-hot after their 2-4 start, look out for them in the playoff race. https://t.co/1CRVT0rLJR
They currently sit one game behind the Houston Texans in the AFC South and trail the Pittsburgh Steelers by a tiebreaker for the final wild-card spot.
It would be a major shock if the Titans didn't keep Henry for the long term. If they can't agree to an extension in the offseason, the Titans could turn to the franchise tag, though that could lead to a lengthy holdout.
And if Henry hits free agency, he'll have suitors. His powerful running style between the tackles—combined with his breakaway speed in the open field—has made him the focal point of Tennessee's offense, giving the Titans a physical identity on the offensive side of the ball. That would make him one of the premier offensive players on the market.
That also makes it all the more surprising Tennessee hasn't locked him up on a long-term extension.