As reported the other day, the Jets will not get a compensatory pick in the NFL Draft. That is not a bad thing, though. The Panthers ended up with the highest pick this year, the 97th pick which will come at the end of the third round. How did they get that? They lost Julius Peppers, who had a huge season for the Bears. While losing Peppers was not the only reason Carolina was the worst team in the league in 2010, it certainly did not help. What are the odds the guy they take at 97 is as good as Peppers? Not very good. Compensatory picks are frequently a downgrade.
I understand that cost effectiveness must also be a factor. Veterans make more money than rookies. A drafted player who fills a hole leaves more money to fill other holes. Getting these picks, though, means a team is losing a lot of quality free agents.
That is why I am not disappointed that the Jets have gotten fewer of these picks since 1994 than any team in the league aside from Cleveland and Houston (and neither of those teams has been in the NFL for that entire span).