Derrick Henry Rumors: Latest Contract Extension Buzz After Titans Franchise Tag

On Sunday, the Tennessee Titans locked up quarterback Ryan Tannehill with a four-year, $118 million contract extension. A day later, they ensured that star running back Derrick Henry would also return by giving him the franchise tag ahead of the 12 p.m. ET tag deadline.

It's the non-exclusive tag for Henry, which is worth just over $10 million fully guaranteed, according to Over The Cap. This may seem like a lot for a running back with more than 800 carries already on his NFL resume—it makes Henry the fifth-highest-paid back in terms of annual salary—it does ensure that the Henry and Tannehill show will continue in 2020.

The question is whether that show will continue beyond this season. Tennessee could theoretically run Henry into the ground once again—he had 303 carries just last season—and then move on in 2021. However, this doesn't seem to be the game plan.

When the Titans started clearing cap room late last week, NFL Media's Ian Rapoport reported that it was because the team was looking to give Henry a "big number" in terms of a contract:

That big number might have been the franchise tag value, of course, but it seems more likely that Tennessee was hoping to do a long-term deal with the former Alabama star.

"The thing I'd said about Derrick is that he was a great runner, and he was physical and durable, but his leadership improved throughout the season," head coach Mike Vrabel told NFL Network at the scouting combine. "I saw a different player as far as leadership."

The Titans seem more interested in keeping Henry for the long term. Unfortunately, those long-term talks failed to get off the ground, according to Rapoport.

Realistically, giving Henry the tag ahead of the deadline may have been Tennessee's only choice. The NFL rushing leader likely would have enticed several teams on the open market. The Miami Dolphins, for example, are interested in a veteran back, according to ESPN's Cameron Wolfe.

Had Henry gone to the market, the Titans likely would have struggled to match a high-level offer from a cap-rich team. It's unlikely that a team will surrender two first-round picks to pry away Henry on the tag, however, meaning the Titans have until July 15 to get an extension done.