Derrick Henry extension gives the Bengals a blueprint for potential long-term deal with Joe Mixon
CINCINNATI — The Bengals have made it clear that they hope to sign Joe Mixon to a contract extension this offseason.
The 23-year-old has tallied back-to-back 1,000-yard rushing seasons and is mentioned in the same conversation as some of the top running backs in the NFL.
"Joe's obviously a guy that's shown a lot of ability. [He's] Obviously a guy that we value quite a bit," Bengals Director of Player Personnel Duke Tobin said in May. "He's in a year that he can be extended and he is a guy that we have visited with. We'll go through those discussions and see if there's a fit or a match for a long-term contract with him."
The running back market changed on Wednesday when the Titans agreed to a four-year, $50 million deal with Derrick Henry.
The 26-year-old led the NFL in rushing yards (1,540) and rushing touchdowns (16) last season.
His new contract comes with $25.5 million guaranteed and a $12 million signing bonus. Henry's extension could potentially help the Bengals in their negotiations with Mixon.
The fourth-year pro ran for 2,305 yards, 13 touchdowns and averaged 4.5 yards-per-carry over the past two seasons. He also has 78 receptions for 583 yards and four more scores.
Despite his success, Mixon hasn't had a breakout season like Henry did in 2019, which could work in the Bengals' favor.
Henry's deal may nudge the Bengals' negotiations with Mixon in the right direction. Instead of playing on the tag, his representatives thought it was wise to agree to a contract with essentially two guaranteed years. The Titans could cut Henry after the 2021 season if he doesn't perform at a high level.
It's up to the Bengals, Mixon and agent Peter Schaffer to reach a deal with a similar structure. The front office has a good relationship with Schaffer, who represented long-time cornerback Adam 'Pacman' Jones.
Mixon is set to make $1.3 million in 2020, which makes him the 47th highest paid running back in the league and the second-highest paid back (Gio Bernard) on the team.
A four-year, $40 million deal would make him the sixth-highest paid back in the league. The Bengals could structure the contract similar to Henry's and put most of the guaranteed money in the first two years of the deal.
Mixon could play out the final year of his rookie contract in hopes of having a breakout season, but it would be a risk. The 2021 free agent class of running backs is loaded with other veterans that are hoping to get paid.
Dalvin Cook, Leonard Fournette, Aaron Jones, Alvin Kamara, Phillip Lindsay, Marlon Mack, Kenyan Drake and Todd Gurley are all expected to be free agents next offseason.
That doesn't include the 2021 NFL Draft, which is expected to have plenty of talented backs including Clemson's Travis Etienne and Alabama's Najee Harris.
"It's a buyer's market. There are just so many good running backs that will be available in free agency next season," one NFL agent told AllBengals. "I do think they get a deal done with Mixon prior to the start of the season."
The Bengals prioritize the running back position. There aren't many NFL teams that are willing to pay big money to two backs. If they sign Mixon to an extension this offseason — which is obviously their goal — then they'll have two of the 15 highest-paid backs in the NFL.
Giovani Bernard is set to make $4.8 million in 2020, which makes him the 15th-highest paid back in the league.
Running backs aren't a league-wide priority like they were in the early 2000s, but the Bengals have made it clear that they want to keep Mixon long-term.
Henry's deal gave both parties a blueprint to complete an extension.
It's up to Mike Brown, Tobin, Schaffer and Mixon to make sure a deal gets done before the season starts.
