As a matter of policy, Tennessee does not do contract extensions in-season with players, and it has 23 players scheduled to become free agents this offseason, including Henry and quarterbacks Ryan Tannehill and Marcus Mariota.
The Titans (7-5), who play the Raiders (6-6) in Oakland on Sunday, insist that at this time, they're more focused on making the playoffs than they are signing players to long-term deals.
But others around the league have taken notice that the Titans have not tried to re-sign Henry when they could, and that the player who has powered Tennessee's offense is scheduled to become a free agent.
Over the past 16 weeks dating to last season, Henry leads the NFL with 319 carries, 1,725 rushing yards and 18 rushing touchdowns and has tacked on 20 more catches for 221 yards and two more touchdowns.
Henry is scheduled to become a free agent at a time when teams often are opting not to pay top salaries to running backs, and teams that have invested heavily at the position haven't always been rewarded. But the 2015 Heisman Trophy winner has become the Titans' offensive identity, and his uncertain status creates one of this offseason's more intriguing storylines.
Henry, 25, has rushed for a career-high 1,140 yards -- behind only Nick Chubb and Christian McCaffrey -- and 11 touchdowns this season, his fourth with the Titans. His 13 total touchdowns also are third-best in the NFL, behind only McCaffrey and Aaron Jones.