I found this at Riderfans. The original source was Rod Pedersen's blog:

ROUND ONE: IMPORT DRAFT

Member Clubs may protect one quarterback, and ten additional Import players.

Ottawa will select one Import player from each Member Club.

Import quarterbacks, kickers, and punters are eligible for selection (and protection), provided that:

– Each Member Club may protect a maximum of one quarterback in the Import Draft.

– All other quarterbacks on a Member Club’s roster at the time of the draft are eligible for selection in this section.

– Ottawa will only be able to select two quarterbacks in the Expansion Draft.

– If a quarterback is selected from a Member Club in the Import Draft, such Member Club will be able to protect the names of an additional two Non-Import players in the first round of the Non-Import Draft.

– If a kicker or punter is selected from a Member Club in the Import Draft, such Member Club will be able to protect one additional Non-Import player in the first round of the Non-Import Draft.

ROUND TWO: NON-IMPORT DRAFT

Each Member Club will protect six Non-Import players.

Non-Import quarterbacks, kickers, and punters are eligible for selection (and protection), provided that:

– If a Member Club had a quarterback selected from its roster in the Import draft, it will be permitted to protect eight Non-Import players in the first round of the Non-Import Draft (instead of six); and

– Ottawa will be prevented from also selecting a kicker or punter from that Member Club.

If a Member Club had a kicker or punter selected from its roster in the Import Draft:

– That Member Club will be permitted to protect seven Non-Import players in the Non-Import Draft (instead of six); and

– Ottawa will be prevented from also selecting a quarterback from that Member Club.

Any kicker or punter selected in the Non-Import Draft must be selected in the first round. If a Member Club had a kicker or punter selected from its roster in the Non-Import Draft, such Member Club would be eligible to protect eight Non-Import players in the second round of the Non-Import Draft, instead of six.

Ottawa will then select one non-import player from each Member Club.

ROUND THREE: NON-IMPORT DRAFT

Member Clubs will then submit a second list of an additional six Non-Import players for protection.

If a Member Club lost a Non-Import kicker or punter in the first round of the Non-Import Draft, such Member Club would submit two additional Non-Import player names for protection.

Ottawa will then select one non-import player from each Member Club.

The Commissioner will resolve any dispute related to player eligibility for the Expansion Draft process.

* In addition to the Expansion Draft and selections in the CFL Canadian Drafts, the conditional Ottawa franchise may operate a Negotiation List in advance of its return to the league. Ottawa’s interim Negotiation List can include a maximum of 25 players, including a maximum of 10 quarterbacks.

Note this: "All other quarterbacks on a Member Club’s roster at the time of the draft are eligible for selection in this section." If the draft were held today, the Argos would expose four QBs (C, H, G and P) since all "on the roster." I still think it would be a gamble for Ottawa to select a QB who has played out his option and is heading into free agency. On the other hand, a guy like Collaros could be offered the starting job there, something that would be extremely unlikely in Toronto unless something unforeseen happens between now and December. The good news for us is that there are a lot of good young QBs all of a sudden, so it's not a sure thing that we will lose one of ours.

A poster on Riderfans has speculated that the Redblacks may draft only one QB and sign another as a free agent. Doing so would keep the pool of non-imports in the draft larger since it would prevent a second team from protecting two additional NIs.