Well, since it's during the summer, nothing has progressed so far. This is a collegiate design competition, with a lot of emphasis placed on the design part (written report, plans, oral presentation, and payload prediction). Then the teams meet up in April and June (East and West competitions, respectively) to prove their design. Similar to the AIAA Design/Build/Fly competition, only there are no special tasks: just lift a bunch of weight and get it back down on the ground in one piece. For more info:
[link=http://www.rcuniverse.com/forum/SAE_Aerodesign_pics_%26_discussion/m_1741764/tm.htm]Another Thread About the Competiton[/link]
[link=http://www.sae.org/students/aerodes.htm]The official website[/link]
[link=http://www.barney.gonzaga.edu/~mhabjan/]My Team's Website[/link]

I've got some ideas floating around in my head right now, but nothing too definite. I'm probably going to be Chief Aerodynamisist for next year's team, so I've been really thinking on the best way to decrease drag and yet still be able to lift a lot (which is tricky, since as lift increases, so does induced drag).