This is hard to put into words. IMO, we have to first separate what @abenjami thinks we should do vs what "the rational folks" think we should do.
The "rational folks" (including most of the football world and probably Jrob) will believe it's essential to sign RT and Henry no matter the cost, and to keep as many guys as possible. Our window is open! Spend every penny to make another run!
I personally think this is the wrong move. You can refer to several recent posts by @ctm about how fucked we are the next two years with expiring contracts, potential free agents, and the lack of draft picks. IMO, we have 4 core guys who are an issue right now for next season. Look, if RT, Henry, Conklin, and Ryan are willing to come back for another year (or two) on team friendly deals, then go for it. I believe RT is good enough to win with if surrounded by a solid supporting cast. But I also believe that's not a realistic scenario.
But these guys aren't all coming back on team friendly deals. They are going to want to be paid long term. And thus, I echo your fear. I like Henry just as much as everyone else here. He's a stud, no doubt about that. But we have to look at his positional value. RB's pretty much grow on trees nowadays. You can get a couple of them in the mid rounds of the draft, or draft one and sign one. A guy like Henry can take your running game to the next level but it's really more about the OL and blocking.
The good thing is we are in a year where the CBA is expiring so the Titans can use both the franchise and transition tags. I need to spend some time really analyzing this but my initial thought is to use those tags in a way that would somewhat encourage other teams to sign our franchise tag so we get draft picks and then let the transition tag set the market for the other guy and then we decide whether or not it makes sense to keep him long term.
I guess to summarize, you could say i'm in favor of blowing it up now instead of giving RT and Henry big long term deals.