It's a roll of the dice as to whether the SC will even decide to hear the case to begin with. Some options
do nothing and allow Colorado's ruling to lapse, refuse to add the case to the docket, or agree to hear arguments and issue a decision themselves.
SCOTUS could take up the case in its shadow docket or issue a stay of its own without making a formal ruling. Doing so would prevent the Colorado decision from going into effect while the appeals process plays out.
The big kick in the pants is if they take the case and agree with CO Supreme Court. Because then Trump would be banned on every state ballot.