Ravens are the betting favorite to land RB Derrick Henry in free agency

With NFL free agency set to begin in a few weeks, the Baltimore Ravens are in-line to make a few potential additions on the open market. While they have a good number of their own unrestricted free agents to consider re-signing and limited cap space, the Ravens could make a splash move if they saw fit.

This is about the time where the free agency rumor mill and speculation begins to swirl. One name the Ravens are being linked to is Derrick Henry, who’s a free agent now after eight seasons with the Tennessee Titans. Per DraftKings Sportsbook, the Ravens are the odds-on betting favorite to acquire Henry (+200), ahead of the Philadelphia Eagles.

The Ravens were rumored to be interested in making a move for Henry at the trade deadline last season and potentially close to acquiring him. So, this early speculation that they’d sign him in free agency is not too surprising.

Henry has been one of the league’s most productive rushers since 2018. The former Alabama product has ran for 1,000+ yards in five of the past six seasons and totaled over 1,500 rushing yards in three of them. In 2020, Henry nearly broke the NFL single-season rushing record with 2,027 yards on the ground.

He’s scored double-digit rushing touchdowns in each season since 2018 as well, with 90 total for his career. Most recently in 2023, Henry ran 280 times for 1,167 yards and 12 touchdowns. His 4.2 yards per carry mark was the lowest since 2017 but only slightly decreased from the previous two seasons.

With Gus Edwards and J.K. Dobbins also hitting free agency, the Ravens will be in the market for a running back this offseason. Their only running backs returning under contract are Justice Hill and Keaton Mitchell, the latter of which is recovering from a torn ACL injury suffered in mid-December.

Henry seems like a good fit and mirrors the similar downhill rushing style that Edwards has provided to the offense. It’s unclear, though, what type of salary Henry will demand. The market for running backs has depreciated in recent years given injury concerns and the success of bargain shopping at the position.

Henry, though, is a high-profile name and talent. According to spotrac, his market value sits around $10.3 million for an average annual salary. If that’s close to accurate, the likelihood of the Ravens signing him is not high given their cap space limitations and needs at other positions.

However, there are plenty of avenues to create flexibility and maneuver financially to make room to acquire a player, which we’ve seen the Ravens do in the past. Henry would be the biggest splash the Ravens have made at the running back position in quite awhile.