Your 3rd option is definitely the best. You want to make it clear that the game is awaiting an action from another player and they just need to wait (or shout across the room: "Hurry up will ya!").
If your concern is about having too much text, then just cut it down to something shorter, for example:
"Awaiting Game Master"
You could even ...
Apparently, it does work out better!
I just finished running a very simple A/B testing on the main CTA on my landing page trying to see if FULLY CAPITALIZED CTA would work better, and over the course of 2 week-long tests, we see a 100% improvement from the FULLY CAPITALIZED CTA over the Standard Capped CTA.
Why not try it out to see for yourself?