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The compensation is two first round picks in order to sign a one-year contract.
Not exactly.
The team using the offer sheet is free to offer a contract for as many seasons as they choose. [Remember the rumors that the Patriots were going to sign Welker to an offer sheet? Those rumors had the Pats offering $35M for seven years.]
The team using the franchise tag then has the option of matching the terms of that contract, or receiving two first-round picks from the team using the offer sheet.