OTL: Thanks Philly! Price of a Henry Extension Just Went Up…

Tuesday marked the deadline for teams across the NFL to exercise the Franchise Tag, and I’ll save the suspense, the Ravens didn’t use it on anybody:

Here’s why the Ravens didn’t utilize the franchise tag: pic.twitter.com/akyNlWEA3r

— Baltimore Ravens (@Ravens) March 4, 2025

While Garrett Downing outlines the two key reasons why Baltimore didn’t tag anybody heading into free agency, it’s historically been the team’s preference not to. Across franchise history, it’s only been used nine times.

Despite this day typically being a frenzied one across the league, the main headlines were unrelated to the deadline. First, there was news of a couple big-time releases (or potential ones):

The Texans plan to let star WR Stefon Diggs test free agency but are open to bringing him back if the price is right, per @jonmalexander pic.twitter.com/EnIq6nEkSk

— Dov Kleiman (@NFL_DovKleiman) March 4, 2025

The #Jets are now officially releasing WR Davante Adams.

— Tom Pelissero (@TomPelissero) March 4, 2025

But the biggest news came out of Philadelphia, where superstar RB Saquon Barkley – fresh off his AP NFL Offensive Player of the Year campaign – was rewarded in a big way:

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

Each of these moves has a ripple effect on the Ravens, but I’ll tackle the easier question first: Could Baltimore bring in Adams or Diggs to take the receiver corps to a new level?

While Adams had great things to say about Lamar Jackson in the past (posted below), I would be shocked.

DAVANTE ADAMS TO THE #RAVENS?

Adams said he would be just fine with having just 800 receiving yards as Lamar Jackson’s WR1, trying to win a Championship.

TAE x @Lj_era8 would go crazy.

(Powered by @JimmysSeafood)
pic.twitter.com/T3jhj18pNG

— MLFootball (@_MLFootball) October 2, 2024

Despite recent struggles, I still expect Adams to command a salary that’s simply too high for EDC’s liking. Similarly, unless Diggs is willing to take a hometown discount, I can’t see it happening.

However, where I do think these moves would benefit Baltimore is with the remaining WR free agents, as I feel the Ravens are likely to add a cheap veteran at some point this offseason. Could these moves make the asking price for a Keenan Allen or Darius Slayton be lower?

On the Barkley front, there’s again a ripple effect. We know DeCosta’s affinity for Derrick Henry and the intentions to extend his contract. As of Tuesday morning, Henry was already a relatively cheap player when it comes to production.

Now, as Nikhil Mehta and Joel Corry note, he’s severely underpaid:

I had a Derrick Henry extension projected somewhere around $12.25M/year. Now? https://t.co/6diM4PA9JW pic.twitter.com/vAhSGfqogW

— Nikhil Mehta (@nikknowsball) March 4, 2025

Derrick Henry is extremely underpaid on his 2-year, $16M deal worth up to $20M with incentives. https://t.co/0CaFDTaUhL

— Joel Corry (@corryjoel) March 4, 2025

OK, well, a Derrick Henry extension just got more difficult. https://t.co/1BZfeemLUc

— Brian McFarland (@RavensSalaryCap) March 4, 2025

Meanwhile, all eyes remain on LT Ronnie Stanley, who is poised to headline the OL market in a week. Many expect the Ravens to reach a deal with Stanley, but it’s unclear what that’ll look like.

Monday, Mehta broke it down:

Will Ronnie Stanley Re-Sign in Baltimore?

It would be critical if the Ravens were able to get a deal done prior to free agency, not only to ensure bookend Tackles are locked up for Jackson, but also to better understand what they’re working with as the market unfolds.

They’ll have a better idea than any of us, but with multiple needs outside of just LT, clarity counts. Further, as we dive deeper into NFL Draft discussions, the fewer immediate needs, the better.

We all know the Ravens love their “best player available” strategy, and as Mock Drafts are posted daily, we see pundits following it:

Marlon Humphrey
Nate Wiggins
Jahdae Barron pic.twitter.com/6nsT0fX6TA

— RAMEY (@HoodieRamey) March 4, 2025

Hmmmmmm pic.twitter.com/nVyr0vNkL0

— RAMEY (@HoodieRamey) March 4, 2025

Without Ronnie Stanley inked in as the starting blind side protection, the Ravens might have to think twice.

Finalizing a deal with Stanley could set everything else in motion: It’d give Baltimore an understanding of the cap available for a Henry extension and free agent signings, while minimizing draft needs to help EDC and company go get their guys.

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