air pig: no, it's to the Commander in Chief (the president) not the one in waiting. The one just elected has yet to be sworn in (in January) and is thus not the Commander in Chief.
For a USN paper on dining in protocols ...
http://www.navy.mil/navco/pages/ssp/...ing-in_out.pdf
See also
OPNAVINST 1710.7 Chapter 8
When all glasses are charged, the President will rise and call for a toast to the
Commander-in-Chief of the United States (when foreign guests are present, their head of state is toasted first). At the sound of the gavel, Mr. Vice/Madame Vice seconds this by rising and addressing the mess, saying, “Gentlemen/Ladies, the Commander-in-Chief of the United States. ” Each member and guest then stands, repeats in unison the toast (e.g., “The Commander-in-Chief of the United States “) sips the drink, and remains standing. The band then plays the National Anthem At the conclusion of the music, members and guests are again seated. Immediately after the first toast, the President will call for the smoking lamp
I am pretty sure the USAF tradition is similar/close to it.