Exclusive: Imus Says CBS got what it bargained for.

May 3, 2007 — -- Radio host Don Imus is going to sue CBS for $120 million, according to a draft copy of the complaint obtained by ABC News' Law & Justice Unit.

The suit is expected to be filed next week.

A draft copy of Imus's lawsuit says that the network expected him to be controversial and irreverent under the terms of his contract. And he claims Imus's show was on a five second delay that allowed the network to censor him if they wanted.

The draft points out that Imus wasn't fired for two weeks after the remarks were made.

Meanwhile, four former FCC commissioners contacted by ABC News say they do not believe that the speech was actionable under current federal guidelines that prohibit profanity or indecency on public airwaves.

Imus was fired April 12, after he made insensitive remarks about the Rutgers women's basketball team.

Martin Garbus -- a powerful First Amendment lawyer who represented controversial comedian Lenny Bruce -- said he would file a complaint against the network in the days ahead.

In a statement released by CBS in response to news stories about the impending lawsuit, CBS said that "We terminated Mr. Imus for cause. Based on the comments in question and relevant contract terms, we believe that the termination was appropriate and CBS would expect to prevail in any attempt by Mr. Imus to recover money for his actions."

The network is expected to rely on a clause in the radio talk show host's contract that says he can be terminated for 'just cause' if CBS determines that he used "distasteful or offensive words or phrases, the broadcast of which [CBS] believes would not be in the public interest or may jeopardize [the networks's] Federal license to operate..."

But Garbus, who has successfully defended hundreds of high profile First Amendment cases, said CBS still breached Imus' contract when the company fired him.

He cited a section of his client's employment contract today that says Imus' "services to be rendered … are of a unique, extraordinary, irreverent, intellectual, topical, controversial and personal character … and … these components are desired by Company and are consistent with Company rules and policies."

While the lawsuit focuses on the contract, hovering above the dispute is the question of whether Imus's comments put the network in jeopardy with the FCC - which has been uncharacteristically aggressive in policing the airwaves in recently years.

One former FCC commissioner who spoke to ABC News suggested that CBS had gotten exactly what it had bargained for.

"The issue is one more of extremely poor judgement than it is an FCC issue," said ex-commissioner Harold Furtchgott-Roth. "That's what Imus' schtick has been for years."