CLIP-style contrastive pretraining typically curates web-scale image-text pairs using sample-level filtering signals, often based on pair-level alignment. We show that this signal saturates: once coarse mismatches are removed, stricter global filtering no longer tracks the compositional supervision provided by the retained captions. The reason is structural - a global score conflates whether a pair is broadly plausible with whether the individual object, attribute, and relation phrases inside the caption materially support the image-text match. The latter is what compositional generalization demands, yet pair-level filters are blind to it. We address this with Counterfactual Phrase Intervention (CPI), a phrase-level curation framework that converts controlled nonce-token substitutions into image-conditioned phrase-sensitivity scores. CPI uses global alignment only for coarse mismatch removal, then ranks the surviving pool by whether caption phrases measurably affect the image-text score under controlled substitution. We frame CPI as a first-order phrase-sensitivity signal rather than a grounding or identification result, and evaluate it at CC3M scale. Ranking by this signal yields a 50%-data subset that improves VL-CheckList-VG Relation by +1.91 over the full-data baseline and +1.00 over alignment-only filtering at matched budget, while improving SugarCrepe overall and preserving general transfer. CPI is loss-orthogonal: applied unchanged to NegCLIP, it further improves VL-CheckList-VG Relation by +3.84, with additional CE-CLIP gains in the main text.