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It has been reported that the compensation, via Electronic Travel Certificate, rules/schedule for passengers downgraded from F to Y are in SHARES system at: GG OVS DOWNGRADE

Agent could also search for "FRONT CBN OVERSALE"

1-1000 miles $200
1001-2000 miles $250
2001-3000 miles $500
3001-4000 miles $750 (was $1000)
4000-5000 miles $1000
5001+ miles $1,500

PLUS a refund of the miles/money/instrument used for upgrading, or if revenue, the fare difference between the fare paid and the lowest published fare available on the date of purchase.

The above applies only to day of departure downgrades.

Downgraded passengers on award tickets must contact the MP service center.
"...Service center determines if customer receives downgrade comp in addition to the ETC provided at the airport."

With thanks to Billiken for the original post.
UPDATED 15-FEB-2015 by Billiken