I did look that up earlier this year. It is complicated but $ is important but also snap count % is factored.
OTC had a pretty good article about it.
https://overthecap.com/the-basics-and-methodology-of-projecting-the-nfls-compensatory-draft-picks/
quote from article:
Methodology
App. V, §2 lays out the process of calculating the value of CFAs. §2(a) begins the calculation as follows to all players in the league
Start with the Average Per Year (APY) of the contract signed.
Subtract from the APY any money that the compensatory formula does not count3.
Rank these players by adjusted APY in descending order, and assign points to each player, equal to [number of leaguewide players]-[rank].
Add anywhere from 25 to 100 points for players who played a percentage of snaps on offense or defense in the range of 25% to 100%. (Kickers and punters are given a different point addition unrelated to snap counts.)
Add 20 or 5 points for postseason honors as determined by the AP’s All Pro list, and the PFWA’s All NFL/All Conference list.