Do you think there will be in any interest in Gay, though? IMO, I don't think there's another team in the league which would even contemplate signing Gay for 1.3 mill, just putting aside the draft pick compensation altogether. And we all know how value-obsessed the Pats are, so I highly doubt the Pats of all teams would dish out 1.3 on a guy who at best is your nickle, and in all likelihood isn't even the first backup CB. As far as I remember, he doesn't even have any real ST value.
If he's coming back to the Pats, he's coming back on their terms, at the value they deem, I don't think they'll be worried about compensation as there's no way they're getting any for Gay.