It’s officially NFL Draft week and rumors are flying about a potential trade involving Tennessee Titans star running back Derrick Henry.

While there were false reports online of Henry being traded to Philadelphia Eagles, the reputable Mike Florio of Pro Football Talk quickly put an end to those rumors with an article saying that the trade "won’t be happening." Paul Kuharsky later reported that the Titans haven't even talked to Philadelphia regarding Henry. 

There has been absolutely no indication that a trade has happened or is imminent between Tennessee and any other team. That’s not to say it won’t happen, though. Moving Henry for draft capital is still very much on the table for the Titans if the right offer comes along. Tennessee will likely have interested teams calling through the end of the draft on Saturday night.

But what is the right offer that will allow Amy Adams Strunk, Ran Carthon, and Mike Vrabel to justify trading away the face of the Titans’ franchise? Here’s a few things I think the Titans need to consider when fielding calls about Derrick Henry.

DERRICK HENRY'S TRADE VALUE

There really isn’t much precedent for trading a player like Henry at this stage in his NFL career. It isn’t every day that you see a running back still playing at an elite level for the franchise that drafted him at the age of 29. It’s hard to judge exactly what an offer might look like, especially given Henry’s $10.5 million 2023 base salary.

Carolina got 2023 second-, third- and fourth-round selections, plus a fifth-round pick in 2024 for Christian McCaffrey back in October, but comparing Henry to McCaffrey in this circumstance is comparing apple to oranges. McCaffrey is three years younger, under contract through 2025, and plays a much different style of football than Henry as a dual-threat running back.

Wide receiver Brandin Cooks, who is the same age as Henry (29), was traded by the Houston Texans to the Dallas Cowboys earlier this offseason for a 2023 fifth-round pick and a 2024 sixth-round pick. Cooks has more positional value than Henry being that he’s a wide receiver, but he's nowhere near the caliber of player that Henry is and Cooks is a much bigger headache.

My guess would be that Henry’s true trade value in draft compensation is a fourth-round pick. If there’s a team who wants to sweeten the pot to get a deal done, there may be a world where Tennessee gets a third-rounder or an additional late round selection.

But if that’s what a Derrick Henry trade return looks like, is the juice really worth the squeeze? I’ll let you be the judge. Either way, the Titans have more to think about here that just the financial and football side of things.

MORE THAN FOOTBALL FOR TITANS

Trading Derrick Henry has far deeper implications than the ones on the football field. When fielding calls about the superstar running back, Tennessee needs to be mindful of how the move will be perceived by the fanbase and other players around the league.

Just last year it was A.J. Brown being dealt to Philadelphia on draft night that had Titans fans stirring with rage. Moving on from arguably the best player in franchise history just one year later is sure to ruffle some feathers.

If Tennessee doesn’t take a young quarterback in the draft and fields a team without 22 in the backfield next season, how much buy-in is there really going to be for the 2023 Titans?

Henry’s contract is expiring at the end of the 2023 season anyways, so it’s not as if moving him rids the Titans of some long-term salary cap obligation. I also have a hard time seeing how a rookie replacement or Hassan Haskins taking over for Henry makes the Titans a better football team, so it seems counter intuitive to play out the final year of Tannehill's contract if Henry isn't in the picture. At that point, you may as well dump every expiring deal and build for the future.

Henry may only be worth a fourth-round pick to inquiring teams, but I think he means far more to the Titans and Titans culture than he would anywhere else. He is most valuable to Tennessee.

At the end of the day, it may come down to what players are left on the board as the middle rounds of the draft approach. There is a break from Friday night to Saturday morning between rounds three and four. Let’s say there’s a player that is high on the Titans draft board and still available on Saturday morning, that could be the motivation they need to get a deal done for Henry and trade into the fourth round (Tennessee does not currently have a fourth-round pick).

If a team comes offering a day two pick (rounds 2-3), however, that might be the offer the Titans can’t refuse. Even if it means Henry puts on a different uniform this season.