Consider the graph produced by:
M = {{0, 0, 1, 0}, {1, 0, 0, 1}, {1, 1, 0, 0}, {0, 1, 0, 0}};
GraphPlot[M, DirectedEdges -> True,
VertexRenderingFunction -> ({EdgeForm[Black], LightRed,
Disk[#1, {.7, .1}], Black, Text[Subscript["C", #2], #1]} &)]

Is it possible to tweak the layout so that more room is left around the vertices for use by the VertexRenderingFunction? (I want to be able to put more text in each of the labels.)



