There is also the third option. All it takes is 5 out of 9 Supreme Court Justices to rewrite the Constitution however they want.
Anyone else remember the Equal Rights Amendment? Liberals spent years trying to get it passed. It failed in part based on the argument that it would mandate the recognition of homosexual marriage. So the Supreme Court simply wrote it into the Constitution.
The Supreme Court doesn't even pretend to look through emanations of penumbra anymore. They just decree that the Constitution says whatever 5 out of 9 Supreme Court Justices want it to say.
Can't render a decision before the election because it isn't an issue/ripe yet.
Can't render a decision after the election because it would upset the political process.
Catch-22