Tannehill, 32, is a former first-round pick of the Dolphins back in 2012. After six seasons, Miami traded Tannehill to the Titans in 2019 for draft compensation.
As a part of the trade, Tannehill reworked his contract to a one-year, $1.875 million deal with the potential for more incentives. He then signed a four-year, $118 million deal in 2020.
Tannehill was set to make a base salary of $24.5 million in 2021 when he restructured his deal.
In 2020, Tannehill started all 16 games for the Titans and completed 65.5 percent of his passes for 3,819 yards, 33 touchdowns, and seven interceptions. He also rushed for 266 yards and seven additional touchdowns.