What the badge should be granted for: Fedora Collaborator than organize a release party
Badge description (like "You added a co-maintainer to a package. BFF!"): Fedora Release it's out, let's party!
Anything else we need to know: Release Party event must be created at wiki page called https://fedoraproject.org/wiki/Release_Party_F_ and add {{subst:ReleaseParty}} at the top of the page. Event must added to https://fedoraproject.org/wiki/F_release_events.

Badge can be awarded by collaborators than create/edit a Release Party event at Fedora Wiki (automatically), or events owners (manually).