As several people have mentioned, he will have to be in the top 5% of money earners to be band 1 compo, that means only approx. 14 other players (not even 1 player per team) over 25 could be paid more than him for him to fetch band 1. When you look at the salary tables he would have to be on at least $800k for that to be the case.
Also, they take into account the players' age and since he is turning 28 this year that will also count against him. They also take into account the length of contract, he would need to be offered a 5 year deal (he would be 33 at the end of such a contract) As great a player that he is, teams won't be fronting with that type of contract for a key back. He will be band 2 compo (top 6-15% of players).
Using Frawley as an example is useless because they increased the requirements last year (as per Lueunberger being talked about as band 1 compo but only getting band 4).
Also, they take into account the players' age and since he is turning 28 this year that will also count against him. They also take into account the length of contract, he would need to be offered a 5 year deal (he would be 33 at the end of such a contract) As great a player that he is, teams won't be fronting with that type of contract for a key back. He will be band 2 compo (top 6-15% of players).
Using Frawley as an example is useless because they increased the requirements last year (as per Lueunberger being talked about as band 1 compo but only getting band 4).