Originally Posted by Doppelganger
But, you may be asking: Doppelganger, the Texans did get the final pick in 2011(a year later) wasn't that a compensatory pick?
In this case no. Another NFL rule is that there are only a handful of compensatory picks per year. In this case there were no other compensatory picks awarded in the 7th round for 2011. Thus since picks were available, they were handed out to teams based on draft order until they ran out. Texans happened to get the last pick due to record.
So, in your scenario, if we lose MW but sign any other FA, we get zilch. Its all about a net loss/gain and then it goes to contracts to determine value.
There is a separate category for the type of pick the Texans got in 2011, it's called "supplemental compensatory picks". That's the type of comp pick we received. Any picks awarded for lost players are simply "compensatory picks."