The Baltimore Ravens’ season has unraveled quickly in the absence of Lamar Jackson. After opening 4-1, the team has dropped four consecutive games to sit at 4-5 and in last place in the AFC North.

Thursday night’s 33-10 defeat to the Jacksonville Jaguars marked the third straight loss by at least 20 points, a first in franchise history.

That slide has intensified speculation that Baltimore could become a seller before Tuesday’s 4 p.m. ET trade deadline, with five-time Pro Bowl running back Derrick Henry emerging as the most valuable piece they could move.

Fox Sports’ Ralph Vacchiano recently listed the Ravens as a possible late Wild Card entry among deadline sellers.

One NFL executive went further, suggesting Henry could serve as a fallback for clubs that miss out on Indianapolis Colts running back Jonathan Taylor.

“All those teams that seem to want Jonathan Taylor — I wonder if any of them now will try to pry Derrick Henry loose,” the executive told Vacchiano.

Cornerback Marlon Humphrey, defensive lineman Calais Campbell, and wide receiver Rashod Bateman have also surfaced as potential trade chips, yet none would command the same return as Henry.

Taylor has led the running-back market for weeks, rushing for 610 yards and eight touchdowns.

The Colts have reportedly sought a package of at least three or four picks anchored by a second-rounder, a price that has already deterred the New York Giants.

League consensus holds that Indianapolis will keep Taylor past the deadline.

The Giants, whose head coach John Harbaugh previously coached Henry in Baltimore, have inquired only about Ravens backup Justice Hill rather than the starter himself.

On Saturday, ESPN’s Adam Schefter reported that Baltimore is not expected to deal Henry and has already informed the veteran it has no intention of moving him.

Still, Pro Football Talk’s Mike Florio noted that teams have walked back similar assurances before.

Henry, who turns 33 in January, has seen his production decline since Jackson’s injury. He rushed for 476 yards and seven touchdowns in the first five games but managed only 213 yards and one score over the last four, failing to top 60 yards in any of those contests.

His contract runs through 2027, though next year’s base salary is not guaranteed, leaving the Ravens with a decision next offseason regardless.

As long as Baltimore believes Jacoby Brissett can keep the team in the playoff picture until Jackson returns, only an offer the front office cannot refuse is likely to pry Henry from the roster before the deadline.