From page 59 of the CBA:
(1) Right of First Refusal: one year Player Contract with Paragraph 5 Salary of at least $275,000;
(2) Right of First Refusal and Draft Selection at Player’s Original Draft Round: one year Player Contract with a Paragraph 5 Salary of at least (a) $275,000, or (b) 110% of the player’s prior year’s Paragraph 5 Salary, whichever is greater; in addition, if option (b) applies, all other terms of the player’s prior year contract are carried forward unchanged (this subsection is subject to the rules of subsection (c) below);
(3) Right of First Refusal and One First Round Draft Selection: one year Player Contract with a Paragraph 5 Salary of at least (a) $600,000, or (b) 110% of the player’s prior year’s Paragraph 5 Salary, whichever is greater; in addition, if option (b) applies, all other terms of the player’s prior year contract are carried forward unchanged;
(4) Right of First Refusal, One First Round Draft Selection, and One Third Round Draft Selection: one year Player Contract with a Paragraph 5 Salary of at least (a) $800,000, or (b) 110% of the player’s prior year’s Paragraph 5 Salary, whichever is greater; in addition, if option (b) applies, all other terms of the player’s prior year contract are carried forward unchanged;