Ravens Keep Quiet on Derrick Henry Extension, But Time May Be Ticking
With a team-friendly deal in place, Baltimore weighs its options as Henry continues to defy the odds.
The Baltimore Ravens struck gold last season when they signed Derrick Henry to a two-year, $16 million deal — and if his 2024 performance is any indication, they’re getting far more value than they’re paying for.
At 31, an age when most running backs see a sharp decline, Henry showed no signs of slowing down. He powered through defenses for 1,921 rushing yards and 16 touchdowns on 325 carries, proving he still belongs among the NFL’s elite backs. Those numbers would’ve led the league most years, if not for Saquon Barkley’s record-breaking 2,005-yard campaign.
With Henry set to earn just $6 million in base salary for 2025, his contract looks like a bargain for a contender like Baltimore. But as the team prepares for the NFL Draft and starts looking ahead to the upcoming season, the topic of a potential extension is gaining steam.
When asked about the situation Tuesday, Ravens GM Eric DeCosta didn’t tip his hand.
“We have a lot of different balls in the air right now,” DeCosta said via the team’s official transcript. “I’m not going to talk about what we’re doing or what we’re not doing behind the scenes business-wise with these guys.”
It’s a non-answer, but a telling one. The Ravens are clearly juggling multiple priorities — from the draft and free agency to long-term planning around star quarterback Lamar Jackson, whose contract will likely need restructuring down the road.
Still, the Henry question looms. Extending the five-time Pro Bowler before the season could serve multiple purposes. For one, it could lower his 2025 cap hit, giving the team more flexibility during the season. It would also be a sign of appreciation for a player who, even at 31, is outperforming younger peers and helping Baltimore’s run-heavy offense thrive.
There’s also the risk-reward element. If Henry continues to defy age and expectations, his market value could spike again — and Baltimore might have to pay a premium later. On the flip side, the Ravens could be hesitant to commit beyond 2025, especially given the wear and tear that comes with a high-volume runner like Henry. Though he answered durability questions with his monster season, NFL history hasn’t been kind to backs entering their mid-30s.
For now, Baltimore appears content to play the waiting game. The draft could shape their direction — if the Ravens target a young running back, it might signal long-term caution. If not, that could open the door for a camp-time extension, especially if Henry continues to dominate in workouts.
Ultimately, the Ravens are in a good spot: they have a still-elite running back on a team-friendly deal, and they hold all the cards on if and when to rework it. But if Henry keeps running like a man five years younger, a new deal might not just be smart business — it could be inevitable.
