Henry will have a one-year base salary of $10.6 million, which makes him the league’s highest-paid tight end based on annual average salary.
As of the 1 p.m. PDT deadline Wednesday, teams cannot resume negotiations with franchise-tagged players until after the season.
Henry, 25 and entering his fifth year in the NFL, is coming off a season in which he set career highs for receptions (55) and yards (652) despite missing four games because of a knee injury. He also scored five touchdowns.
Both he and the Chargers had hoped to agree on a long-term extension, but the situation — as with all NFL business this offseason — was complicated by the COVID-19 pandemic.
With training camp set to open July 28, the Chargers also are facing uncertainty regarding star defensive end Joey Bosa. Entering the final year of his rookie contract, Bosa is due a substantial raise.
He’s a two-time Pro Bowl player coming off a season in which he started all 16 games and finished with 11½ sacks. Bosa is scheduled to make $14.36 million in 2020.
The Titans announced Wednesday they had agreed on a “multiyear extension” with Derrick Henry just before the NFL deadline for a long-term deal to avoid the running back having to play this season under the franchise tag.
The Kansas City Chiefs and Pro Bowl defensive tackle Chris Jones agreed to a four-year contract that could be worth up to $85 million on Tuesday.