After a stellar debut season with the Baltimore Ravens, Derrick Henry could be rewarded with a new contract.

General manager Eric DeCosta told reporters on Wednesday the team will "look" into extending Henry one year after he signed a two-year, $16 million contract last offseason.

One reason for the Ravens to give Henry a new contract is to help the salary cap. They currently project to have just $3.2 million in effective cap space in 2025.

Henry's $12.9 million cap hit next season is the second-highest among all running backs. Jonathan Taylor of the Indianapolis Colts ($15.6 million) is the only player ahead of him.

It would also be financially beneficial for Henry to use his leverage coming off a terrific 2024 to get one more significant contract. His $7 million in cash earnings next season is seventh among running backs. Joe Mixon and D'Andre Swift are the two players directly above him on the list.

There was some concern about Henry's ability when he hit free agency last offseason. He put up good numbers in 2023 for the Tennessee Titans with 1,167 yards and 12 touchdowns, but he tied his career-low for fewest yards per attempt (4.2) and had the third-lowest success rate (46.1 percent) of his career.

It's safe to say those numbers were more a product of the environment Henry was playing in and the state of Tennessee's offensive line than any decline in his performance.

Henry had arguably the best season of his career with the Ravens in 2024. He tied for the NFL lead with 16 rushing touchdowns, ranked second with 1,921 rushing yards and set a new career-high with 5.9 yards per attempt at the age of 30. (He turned 31 on Jan. 4.)

The Ravens led the league with 187.6 rushing yards per game during the regular season. They won the AFC North with a 12-5 record, but their season ended on Sunday with a 27-25 loss to the Buffalo Bills in the AFC Divisional Round.