Titans not expected to franchise tag Derrick Henry

In what comes as zero surprise, the Tennessee Titans are reportedly not expected to franchise tag running back and pending free agent, Derrick Henry.

The news comes from ESPN’s Adam Schefter. The franchise-tag price for running backs in 2024 is $11.9 million, according to Over the Cap.

Assuming the Titans don’t re-sign him between now and then, Henry will be hitting the free-agent market for the first time in his career. Tennessee had previously franchise-tagged him in 2020 before he was signed to an extension.

Neither Henry nor the Titans have ruled out staying together, but the star back has also made it clear his priority is to win a Super Bowl, something the rebuilding Titans are unlikely to offer him a chance to do, at least in 2024.

The Titans figure to have a starting running back in 2023 third-round pick, Tyjae Spears, but they do need a complement for him, a role Henry fills perfectly.

However, Henry will be on the more expensive side of the free-agent running back class and the Titans would have to weigh spending that kind of money when they already have Spears in tow and are set to switch to a more pass-heavy offense under new head coach Brian Callahan.

Spotrac estimates Henry will get $10.3 million on a one-year deal in free agency. I do think that projection is high, but even if it’s in that ballpark, Tennessee should move on and find a cheaper option.