There isn't necessarily a wait list, from speaking with NAU at a CEP information session. The process envolves Maricopa checking applications for completion and then they send it to NAU. NAU then verifies all credits and sends it back to Maricopa stating that the application/student is okay for CEP placement with NAU.
However, my advisor stated that last semester they had more CEP applicants than CEP positions, so some applicants were not accepted into the program.
At this point I would send official transcripts to the top schools of your choice, this will make maricopa verification easier to submit to NAU. If filling out FASFA for 2017 add NAU and any other potential schools for which you may have requested . These little steps help with the enrollment process.