Ok. I think I remember how this works ... I used to use the large poncho as a multipurpose item; rain gear, ground cloth, and shelter. But I needed some line with it to pull it off as shelter. So, assuming the clothes on my back don't count, and ignoring food for now, here is what I have.

1) backpack 1.5 lbs
2) sleeping bag 2lbs
3) poncho (extra long as I am tall) 0.75lbs
4) paracord (handy stuff, but If I need to bring a bear canister and it doesn't look like rain, this item is out-a-there!)
5) extra pair of socks (I can go commando on multiday while the undies are drying, BUT I have to take care of my feet. Bottom line is I need 2 pair to switch out each day now) If the trip is overnight I can go without for sure. Otherwise I need to be able to peel off socks, wash and dry them at the end of the day. Could be optional depending upon conditions.
6) fire starting kit (I always carry one JIC)
7) knife (I always carry one JIC)
8) headlamp (I could do without this but would rather not)
9) 2 liter plastic bottle or platy under 2 oz
10) water filtration/purification (under typical Sierra Nevada conditions I could do without this) this is somewhat location/condition dependent for me
11) Well, this is food. Waaaaaaa......sniff sniff. no room for scotch I guess the spare socks are out after all.

Concerning food. Many areas do not require a bear canister and my stuff bag for the sleeping bag plus paracord equals food storage. Where we need a canister, I need to drop another item. Boo.... there goes the scotch again.

Are we assuming set up for solo? period? I am a little unclear on the "rules" to be honest.

edit: just read through the entire post. Depending on the "final rules", I may have to change my list quite a bit . And I got a few good ideas. For the shelter, does the cord count like the stakes ect.?