You can only get a comp for a guy if he plays out his contract and then signs with someone else. If a team cuts a guy then there is no comp pick.

The rationale behind the comp picks is to help teams who can't resign their own players. If a team cuts a player (or even if they opt not to pick up a team option) then the thinking is the team chose to part ways with the player and because it was their action that caused the separation the team shouldn't be compensated for the loss.

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AlbaNY_Ram