Derrick Henry
After being hit with the franchise tag, Derrick Henry and the Titans have agreed to a contract extension. Henry is now locked up long term. (Jim Brown/USA TODAY Sports)

Derrick Henry was slapped with the franchise tag earlier this offseason. There was pessimism that a long term deal would be reached. That no longer is the case. Henry and the Titans have agreed to an extension to keep him in Tennessee. Henry is the identity of this team and is locked up long term now.

Adam Schefter was the first to report the news:

The contract is a 4 year deal. The extension now keeps Henry off the market in what was lining up to be a historic free agent running back class. Kenyan Drake, Todd Gurley, Joe Mixon, Kareem Hunt, Phillip Lindsay, Aaron Jones, Dalvin Cook, Alvin Kamara, and James Conner are some of the names getting ready to hit the open market in 2021. Getting a deal done with the Titans now was probably smart business.

Henry, 26, is arguably the most valuable running back in the NFL. King Henry was the rushing champ this year and help carry the Titans to an AFC Title game berth. From the Titans perspective, we can talk about how running backs are replaceable. You’re not finding another Derrick Henry. They don’t exist.

UPDATE: Henry signs a 4-year contract worth $50 million. $25.5 is guaranteed. Essentially two of the years are fully guarantee.