What It Means:

The deal includes $25 million guaranteed. Henry and Jonnu Smith were free agency's top two tight ends, and the Patriots signed them both in less than 24 hours. Henry drew a career-high 6.6 targets per game last season for the Chargers but he's unlikely to see as much volume with Cam Newton under center in New England, especially with Smith also in the mix. That being said, the Patriots should run plenty of 12 personnel featuring both tight ends. On the other side of the coast, Donald Parham now becomes the favorite to take over as the Chargers' starting tight end. He totaled 5 catches on 7 targets for 84 yards and a touchdown over the final two weeks last season.

Henry averaged 8.2 FanDuel points per game last season, finishing 11th among tight ends. Among the 29 tight ends with at least 50 targets, including the postseason, Henry ranked 16th in Reception Net Expected Points per target. Henry's 72.7 overall grade from Pro Football Focus since 2019 ranks 11th among 37 players at the position with at least 1,000 offensive snaps.