I would propose that the state owes you double the highest paid salary that you have earned in your career for the duration of your stay in prison. This is to both make a person whole for their missed earnings, and to repair the damages that having an arrest on your record does to your future earning potential. Further, there should be a minimum cap of $5,000 / month, and a maximum cap of $1M / year. Finally, I would propose that this value goes up by 10% each year to account for potential career growth over that time.
Not only does this attempt to make someone whole for the time that they lost, but it puts a real financial burden on the state for making these kinds of errors. Right now, the state faces almost no downsides other than the cost of housing someone in a prison.
Edit: as noted in a comment below "Wrongfully arrested" may be more appropriate read as "Wrongfully jailed". This program or policy would be targeted at affecting prosecutorial misconduct and not police misconduct. While police misconduct is still a massive issue I think there are different policies that should be used to address police misconduct.