I agree with Judy, but would add these two points:
1. Operation of the system
In a system where there is a deadline, all the applications are considered and awards are likely to be given on a competitive basis: they compete with one another and those that score the highest get the awards.
A first come first served system has a pre-set bar. Any application that meets that bar gets an award. So the system is not competitive. It is a kind of "absolute marking".
2. Practical implication - send in the application as soon as possible
An important practical implication of the first come first served basis is that an applicant should send in the application as soon as he knows or judges that his score meets the bar. There is no need to spend further time in perfecting the application.