…you can be sure the REAL GOOD ones will be protected…but the rest could return and make-up a pretty good team… 
I wouldn't be surprised if some top-notch players were left exposed --- either because of salary, they're going into option-year or any number of other reasons.
Going by what Mr. Hellard of Calgary said, the league wants Ottawa to be competetive immediately but not “gut” the present teams. To do this Canadian starters would have to be made available for the first round of picks, so the present teams would probably be able to protect their top 5 Canadians, lose one and then protect 5 more leaving Ottawa some young backups for a total of 16 players. Players in their first year and option year players are generally excempt which cuts down the amount of players available.
The last expansion to Ottawa the existing teams were allowed to protect two QB’s, which made it very difficult for Eric Tillman as all he had to pick from were 3rd stringers. Had he not got lucky and found Kerry Joseph it would have been a disaster. So going by Hellard’s comments the 2nd string QB’s will have to be made available, not an exciting bunch, but at least some of them can play and have experience. Picking imports wouldn’t be so critical as all of them are more or less starters, but would probably follow roughly the same idea of the non-imports.
Hopefully the present owners don’t listen to their GM’s but make some good players available to Ottawa.
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Here's a thread I made a while ago about a possible expansion draft for next year, but it's in the ottawa forum.