The Titans already locked up Jason McCourty to a long-term deal. Now the Tennessean is reporting that the team is working on a long-term deal with Jared Cook (thanks to EastTennTitan for the link). That is a fantastic idea.
While Cook has been inconsistent, there is no doubt that he has the tools to be an impact tight end in this league. If the Titans wait to see him be consistent for a season, he might decide he wants to test the open market. That would make him so much more expensive.
Working out an extension now can work out well for both sides. Cook get some guaranteed money in his pocket, and the team can lock him up with some cap friendly terms. Michael Scott would call that a win, win, win.
Next year is the first year the cap floor kicks in, so it makes sense to lock up guys already on the current roster so that you don't end up spending stupid money on overpriced free agents.