The team aims to develop a fake news detection system using sentiment analysis and machine learning. They have created a GitHub repo, collected a diverse dataset, and implemented preprocessing techniques. The system analyzes sentiment to categorize text as positive, negative, or neutral to identify potential fake news. The team plans to refine the model, address challenges like ambiguity, and develop a real-time analysis and improved user interface. Members are assigned roles like front-end development, back-end development, data science, testing, integration, and UX design.