As the 2024 NFL free agency quickly approaches, the Derrick Henry rumors are about to get louder and louder.

So far, the likeliest landing spot for Henry in the eyes of fans and media alike is the Baltimore Ravens. It's not hard to see why. The Ravens and the Tennessee Titans were linked as a potential trade scenario and now they have four running backs entering free agency including Gus Edwards and J.K. Dobbins. 

Although there are some fair question marks about the Ravens being the right landing spot for Henry, the reality is Henry is extremely likely to indeed hit free agency. 

"It does feel like Derrick Henry is going to have a fresh start somewhere else," NFL Network's Mike Garafolo explained on live TV on Tuesday morning. "I know we have connected them so often to the Baltimore Ravens."

Looking at the RB market with @mikegarafolo. Derrick Henry to the Ravens? Saquan won't be tagged, but will he be back with the Giants? Everything you need right here from Mike on #TheNFLReport. pic.twitter.com/BEFcvI5vvd

— James Palmer (@JamesPalmerTV) March 5, 2024

Additionally, Garafolo laid out the dilemma the Ravens are facing: "Look, it's going to be the haves and the have-nots again at the running back position. There's going to be that same cliff that you always have because you can go out there and try to make a run at Saquon Barkley, Derrick Henry, and Josh Jacobs, Tony Pollard  I don't think is gonna be in that echelon, but then you fall of and you've got either veteran guys like Ezekiel Elliott that you can go after or the D'Andre Swifts or Zack Mosses."

While Garafolo admits Moss is going to have a nice payday despite the fall-off compared to the top backs hitting free agency, it's clear the financial demands are going to be drastically different.

A to Z Sports projects the following deals for the top backs, including Henry:

• Saquon Barkley to land $10.5 million per year (APY)
• Derrick Henry to land $10 million APY
• Josh Jacobs to land $10 million APY

"These guys are looking to be up in the double digits which is where the franchise tag was at last year," Garafolo added. 

Pollard, Swift, and Austin Ekeler are all projected to get under $8 million per year, in contrast. When talking about the running back markets, teams will be facing a tough decision on whether or not they want to invest top dollar in a premium back when the position tends to see a lot of fast declines once players hit 30 years old, like it's Henry's case. In other words, can much less money get only slightly lower level of play? 

The Ravens also understand Day 2 of the 2024 NFL Draft is likely to present solid options at the position. Do they "break the bank" for a running back even if he's not the perfect fit many believe he is? 

Consider what ESPN's Jeremy Fowler recently said about his usage: 

 "After asking around, though, I think the fit could be difficult because he's so I-formation heavy in his career and the Ravens do so much out of the gun," Fowler explained. "So, not that it can't work or that Henry couldn't adjust, and certainly, he would be crucial for them on short yardage, tough downs, dictating the pace of the game, red zone, all those things."

What the Ravens' take on all of this is remains to be seen but with the free agency frenzy about to kick off, it won't take too long to figure it out. 

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