One principle is to protect those players who are good value for money and expose those who are not. If a player being picked frees up enough salary to secure a good replacement, then it's not such a loss.
Another is that players on which we've just spent a ton of money should be protected as they probably retain some resale value.
Protected: Martinez, Bakrar, Ojeda, Mijatovic, Jones, Santi, Perea, Parks, Ilenic, O'Toole, Risa, Freese
Notables Not Protected:
Maxi - too much of a retirement risk to be picked (hopefully)
Martins - he makes $2.5M per year; we have to be able to get a terrific CB for that much
Wolf - I like him, but he makes $1.5M, and we have to be able to get a replacement for that
Fernandez - he makes $628K and is unlikely to fetch much on the resale market
Tanasijevic - we need a better 3rd CB than him
Barraza - I like him, but the best we can do for him is give him a chance to go somewhere else and start