Last offseason, Derrick Henry changed teams for the first time in his NFL career. After eight seasons with the Tennessee Titans, the veteran running back signed with the Baltimore Ravens.
Since signing that deal, Henry has been the best running back in the NFL, as he leads the league in rushing yards (1,052) and leads all skill-position players with 13 total touchdowns (no other player has more than eight). But is Henry paid like a top running back? Let’s examine his contract, 2024 salary, net worth, and career earnings.
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 has already received a $500,000 bonus for scoring 13 touchdowns, and he can earn another $500,000 if he scores a 15th TD. He can earn an additional $500,000 bonus if he tops 1,200 rushing yards, plus another $500,000 if he surpasses 1,500 rushing yards. If the Ravens win the Super Bowl, Henry will receive another $500,000 check.
While Henry has been producing like a superstar, he’s currently a bargain for the Ravens, as he’s just the ninth-highest-paid running back in the NFL.
Why isn’t Henry getting paid like a top back? Well, entering last offseason, he had just posted a career-low in yards per carry (4.2), and he was entering his age-30 season. Teams were concerned, as evidenced by the fact that 10 other running backs agreed to deals before Henry finally signed with the Ravens.
It’s safe to say that this contract has worked out extremely well for Baltimore. Alongside two-time MVP Lamar Jackson, Henry looks incredible and hasn’t shown any signs of slowing down.
Henry’s Net Worth and Career Earnings
Henry’s net worth is estimated to be approximately $12 million.
This number seems a bit low considering Henry’s career earnings. Throughout the course of his career, Henry has earned $65,407,928 from his NFL contracts alone.
That ranks third among active running backs — behind only San Francisco 49ers RB Christian McCaffrey ($103,215,972) and Dallas Cowboys RB Ezekiel Elliot ($75,668,561) — and fifth all-time at the position.
Keep in mind that Henry’s career earnings figure doesn’t factor in his endorsements. Over the years, the veteran running back has partnered with several brands, including Nike, Old Spice, Campbell’s Chunky, Geico, and Pizza Hut.
Also, Henry is a minority investor in the Major League Soccer team Nashville SC. In 2022, he joined the team’s star-studded ownership group, which also includes actor Reese Witherspoon, NBA star Giannis Antetokounmpo, NHL star Filip Forsberg, and Minnesota Vikings owner Zygi Wilf.
“As a kid growing up in Florida, I imagined being a professional sports owner and the opportunity to do that with a Major League Soccer club is truly a dream come true,” Henry said at the time. “My investment in Nashville SC is way more than financial, it’s truly an investment in the city of Nashville, Tenn.
“The chance to be part of a club like Nashville SC, especially after seeing what they are accomplishing in the community, was an opportunity I did not want to miss.”
Henry is thriving on and off the field, and he’s been worth every penny that the Ravens have paid him thus far.