Last offseason, Derrick Henry left the Tennessee Titans, the only NFL team he’d ever played for. He signed with the Baltimore Ravens in free agency after spending the first eight seasons of his career in Tennessee.
Signing Henry has worked out great for both Henry and the Ravens. He finished the 2024 season with 1,921 yards rushing (second) and 16 TDs (T-first), while averaging 5.9 yards per carry.
Henry’s first season in Baltimore resulted in second-team All-Pro honors, as he rushed for the second-highest single-season yardage total of his career, while averaging the most yards per carry in his career. His stellar season helped the Ravens win the AFC North and secure the third seed in the AFC.
Derrick Henry’s Contract and 2024 Salary
Henry signed a two-year, $16 million deal with the Ravens, with a max value of $20 million with incentives. The contract includes $9 million fully guaranteed in the first year.
Henry’s base salary is $6 million, and his signing bonus is $3.89 million. His 2024 cap hit is $10.89 million.
Sports Illustrated obtained a copy of Henry’s contract and reported on his various incentives. Henry received a $500,000 bonus for scoring 13 touchdowns, and another $500,000 for scoring 15 Touchdowns. He also earned an additional $1,000,000 in bonuses for surpassing 1,500 rushing yards. If the Ravens win the Super Bowl, Henry will receive another $500,000 check.
How Has Henry Impacted the Ravens?
Not only did Henry play a big role in the Ravens winning the AFC North, but he also helped Lamar Jackson put together an MVP-caliber season. Jackson is currently the favorite for the MVP award, and much of his improved passing efficiency can be attributed to the addition of the dynamic running back.
PFN has the Ravens as the No. 2 offense per our Offense+ metric (A), trailing only the 15-2 Detroit Lions. Baltimore leads the league in EPA per rush and red-zone efficiency, both of which have Henry’s fingerprints all over them.
.@kyledhamilton_ and @KingHenry_2 are second team All-Pro❗ pic.twitter.com/PoRcUMVcGc
— Baltimore Ravens (@Ravens) January 10, 2025
Baltimore has been one of the best rushing offenses in the league since Jackson has taken over as the starter, but the team had not had a true superstar running back alongside him in the backfield until this year.
As such, prior to this year, the rushing offense was largely successful because teams had to put so much focus on stopping Jackson. This season has proven to be a lethal pick your poison — it’s hard to stop both Jackson and Henry without leaving the defense vulnerable to the passing game.
Despite being 31 years old, Henry is showing no signs of slowing down, a rarity at the running back position, which typically has a short shelf life. His age played a big factor in why he hit free agency in the first place, and he has proven to be a bargain in his first year in Baltimore.
Henry, along with Saquon Barkley, Josh Jacobs, and Joe Mixon, have proven that older running backs can be worth paying in the right situation, as all four have proven to be integral pieces of their new teams this season, helping lead their teams to the postseason.