Hi Claymore!
The most I can tell you is of what I know about AZCOM's waitlist process. (Because CCOM is a sister school, and a lot of AZCOM's admissions officers also work with CCOM Admissions, I'm assuming the process should be pretty similar). Sometime in early June after the last monetary deposits have been made by accepted students, the committee will discuss the remaining number of available slots and also rank the wait-listed students. From then on until even the very beginning of the fall quarter, students will be notified on an individual basis. If I were you, I wouldn't hesitate to call and find out what you can. Good luck to you!!!