CFL football returned in 2001 with the Ottawa Renegades, also red, black and white, but they ceased operations in 2006. The RedBlacks are in their second season of operation. The owners of the new franchise wanted to namew them the Rough Riders, but the Saskatchewan franchise, named the Roughriders, founded in 1910, would not allow the Ottawa franchise to use the old, VERY similar name.
Not sure how the name was arrived at, but it was one of five names submitted in a focus group. The symbol is VERY similar to the Rough Riders old symbol. As Ottawa was a lumber town before it became Canada's capital, you will note the outline looks similar to the blade of a circular saw.
For what it's worth, all Ottawa sports teams generally use red, white and black as their colours. (NHL Senators, Jr A hockey Ottawa 67s.)
There’s still my favorite CFL team, the Saskatchewan Roughriders. (No space in the name, unlike the former Ottawa Rough Riders)