1 release,
2 a high income payed for with tax money and
3 having your name cleared with public apologies made, if so desired.
Enough money could make up for time lost in jail, since the innocent person may then spend his lost free time all at once, without having to work in between, so he or she may eventually keep up with the rest of us.
Duration should be something like D = jailtime * (168 - 40 - 56)/168, assuming 40 hrs/week on the job and 8 hours of sleep per day.
The amount each month should be enough to stay in luxury hotels and eat in good restaurants, etc. Education should also be payed for.
I suppose some of the expenses could be deducted from the judges, officers, etc, but only to a limited extent, because you don't want every accused to always walk free.