Applicants who scored the highest in the $650 million Investing in Innovation grant competition will be announced Thursday by the Education Department, so stay tuned to this space for details on who won, who lost, and what it all means.

But first, an important caveat. These applicants are not quite winners until they’ve secured their 20 percent private-sector match, a requirement for winning (unless they’ve gotten a waiver). They must do so by Sept. 8 or risk not getting their grant.

While you’re waiting to see who wins, read up on who wants this money, the role of philanthropies in all of this, and what the rules of the competition are. Also, the Education Department has a good summary of the peer-review process here.