1) I believe it is $200 DD if you arrive at your destination within 4 hours of your scheduled arrival. It is $400 DD if you arrive more than 4 hours after your scheduled arrival. It is based on the next flight they are able to confirm you on. If you are eligible for standby, you could stand by for an earlier flight than they would be able to confirm you on. Also, if it is overnight they pay the $400 DD and room/meal vouchers.
This is what I got on the last bump I took (mid-September).