Henry was named to the 2009 McDonald's All-American Team where he scored 14 points. Henry was also selected to play in the 2009 Nike Hoop Summit at the Rose Garden in Portland where he led Team USA with 22 points including six 3 pointers and the Jordan Brand Classic at Madison Square Garden where he scored 10 points for the white team. He was SLAM Magazine's high school diary keeper for the 2008–09 basketball season. On March 14, 2009, he led Putnam City High School to the Oklahoma Class 6A state championship, scoring 24 points in the title game against Jenks High School.
On October 22, 2008, Henry was in a car accident and fractured his cheekbone. He had to have surgery in November and he missed the beginning of his senior season
By the end of his senior season, Henry was ranked as the #6 overall prospect and #2 shooting guard in the class of 2009 by
Scout.com, #8 overall and #3 shooting guard by Rivals.com and #3 overall, #2 shooting guard by ESPN. Originally, Henry was heavily recruited by both Memphis and Kansas. On Nov. 18, 2008 Henry announced his commitment to Memphis citing the opportunity to play alongside his brother, C.J., as the primary reason for the decision.
In March 2009, Memphis' head coach John Calipari took the head coaching job at the University of Kentucky, prompting Henry to reopen his recruitment
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Henry scored 27 points in his first college game, breaking the record for most points scored by a Jayhawk in a debut game as a freshman. On December 12, 2009, Henry scored 31 points against LaSalle at the Sprint Center in Kansas City. In doing so he became the first KU freshman to score 30 points in a game since Paul Pierce. Henry's 31 points was four short of the KU record for points scored by a freshman set by KU legend and current assistant coach Danny Manning
On April 7, 2010, Henry announced that he would forgo his final three seasons of collegiate eligibility and enter the 2010 NBA Draft, where he was expected to be a first round selection.
On June 24, Henry was selected 12th overall in the 2010 NBA Draft by the Memphis Grizzlies.
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