It’s still kind of bizarre that the NFL hides its compensatory draft pick formula from the public eye, but Over The Cap’s Nick Korte comes closest each year to accurately projecting how these comp picks are awarded. And for his final projection for the 2023 draft, Korte has the New Orleans Saints receiving a single comp pick in the seventh round after losing free agents Terron Armstead and Marcus Williams last year.
Both of those players signed contracts that would have brought third- or fourth-round comp picks to New Orleans, but the Saints negated the losses by adding free agents Andy Dalton and Marcus Maye. As Korte explained it, he has the difference between those contracts resulting in a net value compensatory pick:
