The team agreed with the veteran running back on a two-year, $30 million contract extension, agent Todd France told ESPN's Adam Schefter on Wednesday. Henry, 31, signed a two-year, $16 million contract with the Ravens ahead of the 2024 season. At the time, that was tied for 11th in average annual value among running backs.

Derrick Henry and the Ravens have reached agreement on a two-year contract extension, a source with direct knowledge of the deal confirmed.

Derrick Henry and the Baltimore Ravens reached agreement today on a two-year, $30 million extension that includes $25 million fully guaranteed over the next two seasons, per Todd France of Athletes First. It is the largest deal in NFL history for a running back over 30 years old. pic.twitter.com/aeeqmHczPb