Saints Cap Moves: $27,092,090 cap space ….. 8 restructures, 3 extensions, 3 pay cut, 1 release [All current cap moves are in OP]

At what point can we sign a free agent and not lose a compensation pick? Sorry if this has been answered before it’s a long thread to check
I believe May 1 is the date the comp system is over for the year. BTW the players that were released by their old teams don’t count in the system. Only those that left after their contract expired.