Now that youve got this at the length you want, I can give you a detailed critique:
Overall structure is nice, I particularly like the piano section towards the middle-end, good use of some common jazz chords. The flute sounded a bit on the fake side to me. For that matter, your main synth in the hook seems generic, so you should put some effects on that (maybe reverb?). The electric piano helps to add variation between the sections before the first and second hook, though I think you should edit the drumloop more.
The song has a nice chill groove. I actually enjoyed the lighter textures here, though at the same time my biggest worry is that thats what the judges will call you out on. Your interpretation is great, in fact after studying the source a bit, I can see youve used EVERY part of that song, even if you stretched it in some parts (such as the piano section and the beginning of the hook). All you need to do now is decorate it a bit more and clean up some of your samples. Youve come quite a long way from having no musical knowledge 2 months ago to where you are now
Maybe you should show this to a single judge; they would know better than anyone what the panel wants. Good luck!