The Baltimore Ravens knew they were getting a stud when they signed future Hall of Famer Derrick Henry last offseason. What they didn’t know was that a year later, the entire running back market would be flipped on its head.
ESPN NFL senior insider Adam Schefter reported that the Philadelphia Eagles handed Saquon Barkley a massive two-year, $41.2 million contract extension, making him the highest-paid running back in NFL history. Barkley will now be the first running back ever to average $20 million per season, a number that would have been laughable just a few years ago when teams were treating running backs essentially like rental cars.
Now, with Barkley getting quarterback money, Henry’s situation just got a whole lot more interesting.
Eagles are rewarding Saquon Barkley with a two-year, $41.2 million contract extension that makes him the highest-paid running back in NFL history, per sources. The deal makes Barkley the NFL’s first $20 million+ per-year running back. Barkley also has the ability to earn an… pic.twitter.com/h5iEf5IWe2
— Adam Schefter (@AdamSchefter) March 4, 2025
Baltimore has already been working on an extension for Henry, who soon enters the final year of his two-year, $16 million deal. But with Barkley’s new contract setting the bar, the Ravens might have to adjust their expectations—and their budget—if they want to keep King Henry around long-term (something both parties are excited about).
What does Saquon Barkley's extension mean for Derrick Henry?
While Baltimore’s front office has been preparing for Henry’s next contract, Barkley’s deal just threw a wrench, screwdriver, tape measure, and hammer into everything.
The two backs had eerily similar seasons—Henry finished second to Barkley in rushing yards (1,921) to (2,005), and both backs averaged, at least, 5.8 yards per carry (Henry averaged 5.9). Henry also added a ridiculous 16 rushing touchdowns, proving that even at 31 years old, he’s still unstoppable.
Ravens general manager Eric DeCosta spoke at the NFL Combine about how valuable Henry is to Baltimore’s offense, even going as far as to compare the impact of elite running backs to the stock market.
"Running backs are kind of like the stock market," DeCosta said. "When I was a kid, running back was arguably the most important position on the field... Then, we went through this period of the last five, ten years—the analytics sort of deemphasized the position. I think last year, you saw the impact that some of these guys had. Howie Roseman, great GM, went out and got Saquon [Barkley], and they won a Super Bowl."
(Full video can be found here. Fast forward to 8:55 for King Henry/stock market talk.)
Well, welcome to the "time to get paid" dilemma. If Barkley is getting $20 million a year, Henry’s camp will absolutely be looking at that number and asking, what can we fetch? Spotrac currently has his market at just under $14 million. However, after Barkley's deal, it's fair to assume that might be on the lower end of his asking price. Henry could be seeing green.
Henry has already said he wants to finish his career in Baltimore, but the Ravens now have a difficult decision to make that happen financially. Do they shell out big money to keep him, knowing that running back production historically declines after 30? Or do they try to find a middle ground before Henry’s price tag soars out of this universe?
Barkley’s extension just changed the game. It'll be interesting to see how Baltimore responds.