Bump lists are not populated by fare paid OR fare class.... aye aye aye!
Please check-in early to avoid losing a seat assignment in your ticketed cabin. That's your first clue your flight has been oversold. Unlike Southwest, you needn't check in exactly 24 hours in advance, but the earlier the better.
Employee non revs are bumped first, customer non revs are bumped next, then volunteers are asked to give up seats. If seats still remain oversold, the last to check in will get bumped from coach, regardless of fare paid. I'm not sure elites are exempt from bumping as I know plenty who've been bumped. Each airline varies slightly, but no one bumps on fare price, even FF fares.