Based on my interpretation of the post I think the FAA will probably select aspects from the various submissions they receive and try to incorporate them into their proposal requirements. So I do not think the students will exactly have a direct hand in the creation of FMDS, that will most likely be up to whatever company wins the contract (https://sam.gov/opp/a3e83f9e32d443b6bdd143ded9612916/view).