This FORMAL deliverable is a professional quality Vision and Scope report. First, the business rules must be understood (example here.)
Establish your project Vision and Scope using the Process Impact template as a guideline for your work. A worked out example is also available from Karl Wiegers. Notice that CPE 308 requires that you insert a section to describe your competitive intelligence (such as the example given here: sample feature matrix into your Vision and Scope document in an appropriate manner.
All TBA's from the earlier draft should be resolved for the formal delivery of this milestone. This document, as all formal documents, should also have an attribution section where team members responsible for individual tasks on the document are identified (including the QA person assigned to review the whole document for overall problems.)