Microcontroller - The "brains" of your computer, it must be in the Teensy family. This selection depends a lot on what you want to do with the board. For the bare minimum the Teensy LC will be the cheapest choice.

IMU - inertial measurement unit. Provides directional awareness, a 3-axis accelerometer (which linear direction you're accelerating), 3-axis gyroscope (how fast you're spinning), and sometimes a compass to get absolute heading.

High G Accelerometer - the acceleration at launch can be too high for the IMU to detect (the suggested sensor has a max of +/- 16 g) so to detect launch you may need a second accelerometer depending on how quickly your rocket leaves the pad.

GPS - provides absolute location to a decent accuracy. Extremely useful for determining where the rocket landed for recovery.

Altimeter - uses temperature and pressure readings to determine the approximate altitude of the rocket.

RF Transceiver - sends data over RF to the ground.

Storage device - data recorded during flight needs to be stored somewhere if you want to view it afterwards.

Battery - to power the board in the rocket you will need a battery and supporting power regulation. You will want to select your other components first and calculate their power requirements before selecting a battery.

Charge Deployment - there is no good off-the-shelf solution for doing charge deployment, if this is something your team wants to pursue you will need to create a custom circuit to do so.