For the first time, a short gamma-ray burst (GRB) was unambiguously associated with a gravitational wave (GW) observation from a binary neutron star (NS) merger. This allows us to link the details of the central engine properties to GRB emission models. We find that photospheric models (both dissipative and non-dissipative variants) have difficulties accounting for the observations. Internal shocks give the most natural account of the observed peak energy, viewing angle and total energy. We also show that a simple external shock model can reproduce the observed GRB pulse with parameters consistent with those derived from the afterglow modeling. We find a simple cocoon shock breakout model is in mild tension with the observed spectral evolution, however it cannot be excluded based on gamma-ray data alone. Future joint observations of brighter GRBs will pose even tighter constraints on prompt emission models.