Hi LL2427 .......
The waitlist for upgrade simply means that the first class award seats have not yet been released by CO. The fact that the first class cabin is mostly open when viewing the seat map can not be used to determine whether award seats are available...CO will wait for potential paid FC purchases for a period of time before *possibly* deciding to open award upgrades.
If CO does decide to release the FC upgrads then your order on the waitlist will be checked. (you booked pretty darn early so are looking likely good

).
It is a possibility, however, that no FC upgrades will be released. If that is the case, then your miles will be redepoisted into our account.