In the event Henry returns to Tennessee, however, either by way of a long-term contract or the Titans' franchise tag, the team is likely to part ways with his backfield running mate, Dion Lewis.
A source with knowledge of the situation tells CBSSports.com that Lewis and his camp are "bracing" for the possibility of the Titans releasing their No. 2 running back ahead of 2020 free agency.
There's still a chance Tennessee could ask Lewis to restructure the four-year, $19.8 million contract he signed in 2018. The Titans have yet to approach Lewis about that, per the source, likely because they'd consider retaining Lewis if Henry somehow lands elsewhere in free agency. But as long as Henry is back, it's thought to be likely they don't keep Lewis at a $5.1 million cap number.
If the Titans were to cut Lewis, they'd save an estimated $4 million in 2020, as well as roughly $4.8 million in 2021.
The Detroit Lions, Miami Dolphins and New York Giants, meanwhile, are expected to make a play for Lewis in the event he hits the open market, per a league source. All three figure to be in the market for veteran depth at RB.
The 27-year-old Lewis had a busy market before signing with Tennessee in 2018, drawing interest from the Indianapolis Colts and New York Jets after scoring a career-high nine touchdowns for the Super Bowl-winning New England Patriots the year before. A former Philadelphia Eagles and Cleveland Browns backup, he opened his Titans career as an integral part of Tennessee's offense, totaling more than 900 yards from scrimmage while splitting carries with Henry. In 2019, Lewis was less involved, starting five fewer games than the year before while Henry racked up a career-best 1,540 yards on the ground.