His market value
I’m not saying that the Titans would absolutely have to trade a 1st round pick to get Jones, especially since the whole world knows that once you trade for him you are going to have to sign him to a new deal.
However, it is absolutely worth it if you look at his market value just look at what the Colts did.
Indianapolis traded the 13th pick in the 2020 NFL Draft to land DeForest Buckner from the 49ers and then signed him to what is essentially a 5-year, $96.38 million deal ($19.3 million per year).
Here are his numbers next to what Chris Jones has done in the last two years:
DL DeForest Buckner: 26 years old, 19.5 sacks (0.61 spg), 26 TFLs (0.81 tflpg)
DL Chris Jones: 26 years old, 24.5 sacks (0.85 spg), 27 TFLs (0.93 tflpg)
So basically Jones has been a better version of a guy that everyone was just praising the Colts for trading for right? Oh and also, the Titans would almost definitely not be drafting in the top half of the 2021 NFL Draft given the collection of talent on their roster.
On top of that, the Titans are sitting on some big money and they may be running out of people to spend it on.