Wayland is a participating organization for GSoC 2016 as is the X.Org Foundation.
If you are a student wishing to get involved with open-source Linux graphics this summer while being paid to carry out the work, GSoC 2016 is a great opportunity. The Wayland project ideas include letting Weston's Wayland back-end using the host compositor's Presentation extension, hardening the libwayland-client library against improper use, a Wayland protocol backwards compatibility checking tool, Weston output management enhancements, a shatttered Weston demo client, Weston DRM/Pixman support for multiple KMS devices, a Weston test suite, and more.
The X.Org GSoC ideas include switching the OpenMAX state tracker to using Tizonia rather than Bellagio, implementing more presentation features within the VDPAU state tracker, and a number of Nouveau open-source NVIDIA driver improvements. Some of the Nouveau project ideas include writing an instruction scheduler, Maxwell accelerated video decoding, and Kepler accelerated video encoding.
Students have the next two weeks to apply for a GSoC 2016 project. If you are looking for something else to do this summer, women (CIS&Trans), trans men, gender-queer people, and people of color underrepresented in US tech are able to apply for Outreachy summer 2016. The Outreachy deadline is a week later on 22 March.