The Baltimore Ravens were considered the Cincinnati Bengals’ main obstacle to winning the AFC North before the 2026 season began. Two months later, the Ravens have lost four straight games, including their first matchup against Cincinnati, and they are trending in the wrong direction fast after falling to the Jacksonville Jaguars, 33-10, on “Thursday Night Football.”

The Bengals don’t see the Ravens again until Dec. 31, and with the NFL trade deadline only a few days away, Baltimore’s offense in that game could look drastically different when that game comes around.

Derrick Henry could be on his way out of Baltimore

A to Z Sports reported before Thursday night’s loss that Ravens running back Derrick Henry could be on his way out of the Charm City. The New England Patriots and New York Giants have emerged as potential suitors.

The two teams have surfaced as potential trade partners, according to A to Z Sports sources, and both have familiar connections: the New England Patriots and the New York Giants, coached by two of Henry’s former head coaches in Mike Vrabel and John Harbaugh.

Both teams are logical landing spots. Each is led by one of Henry’s former head coaches. Familiarity always matters when players swap teams midseason, and both coaches know exactly what Henry brings to an offense.

Henry’s potential departure comes down to two reasons. For starters, the Ravens are firmly on the outside looking in at the playoff picture with the trade deadline coming up next week. They are trading for former Arizona Cardinals starting quarterback Jacoby Brissett to give them some level of competence under center, but Lamar Jackson’s injuries have completely derailed the Ravens’ plans under first-year coach Jesse Minter. It’s going to be a tough climb back for them in an AFC North that will still have three teams above .500 at the end of this weekend.

Henry is also just not the dominant force he’s always been this year. He ranks 19th out of 25 bellcow backs in Pro Football Focus’ breakaway percentage, which measures how much of his yardage has come from explosive runs. Henry only has four carries that have gone for 15 yards or more despite leading the NFL in rushing attempts (175). His reputation is incredible, but he’s also a tailback in his early 30s. His trade value will only decrease the longer Baltimore waits.

What Henry’s departure would mean for the Bengals

Cincinnati has faced Henry in a Ravens uniform five times. He has reached 100 rushing yards only once in those games. However, his success rate has been at least 50% in every one of them, which tells you he still found ways to keep Baltimore on schedule even when the big runs weren’t there.

The most recent meeting in Week 7 went about as well as the Bengals could have hoped. Their defense held Henry to 45 yards on 17 carries and allowed him just one first down. That was a major reason Cincinnati handed the Ravens one of the losses in their current skid.

The Bengals have had moderate success against Henry since he arrived in Baltimore, but he is undeniably still a major part of game planning against the Ravens. Take him out of the equation, and the identity of that offense shifts in a significant way. Defensive coordinator Al Golden would be preparing for a different backfield, a different quarterback, and a team that may have already turned its attention to the 2027 season.

Thursday’s loss may have sealed it

Thursday night’s blowout loss to the Jags, a team that has also beaten the Bengals, may have sealed Henry’s fate. If either the Giants or Patriots come through with an attractive offer for the former All-Pro RB, Baltimore has every reason to listen.

The Ravens entered the season as the team Cincinnati had to get through in the division. That version of Baltimore no longer exists. Whether Henry is still in the backfield on New Year’s Eve will come down to what happens over the next few days.

Either way, the Bengals’ own TNF game against Baltimore will be quite different from the one they were expecting back in the offseason.