Saints at the top of Davante Adams’ wish list [Raiders trade Adams to Jets for conditional 3rd ; Jets paying Adams’ entire remaining salary]

Roughly yes.

Keep in mind we would qualify for a 3rd compensation pick if he were to leave and get a certain contact amount.

You'd be trading a 2nd for a 3rd plus a one year rental. You could always get him to resign on a new contract as well.
You don't get comp picks for players that are released. You only get them for players whose contract expires or has an automatic void bulit in.