Henry was set to make $10.27 million fully guaranteed under the franchise tag this season.
Henry, 26, is a former second-round pick of the Titans back in 2016. He finished the final year of his four-year, $5.407 million rookie contract and was set to be an unrestricted free agent when the Titans franchised him.
In 2019, Henry appeared in 15 games for the Titans and rushed 303 times for 1,540 yards (5.1 YPC) and 16 touchdowns. He’s also added 18 receptions for 206 yards and two touchdowns.