The first option is called psi-epistemic, and is - as you say - ruled out by PBR. The second you have is slightly off. The second is actually called psi-ontic and says there is only one quantum state associated with a one particular physical state. However, it may or may not be complete, and is usually taken to be incomplete. It is also called psi-supplemented. The third option is to be also psi-ontic, but is considered complete and is often referred to as psi-complete. The following pre-PBR reference explains this in more detail.
https://arxiv.org/abs/0706.2661v1
Einstein, incompleteness, and the epistemic view of quantum states
“We explore a distinction among hidden variable mod- els of quantum theory that has hitherto not been suffi- ciently emphasized, namely, whether the quantum state is considered to be ontic or epistemic. We call a hid- den variable model ψ-ontic if every complete physical state or ontic state [1] in the theory is consistent with only one pure quantum state; we call it ψ-epistemic if there exist ontic states that are consistent with more than one pure quantum state. In ψ-ontic models, dis- tinct quantum states correspond to disjoint probability distributions over the space of ontic states, whereas in ψ-epistemic models, there exist distinct quantum states that correspond to overlapping probability distributions. Only in the latter case can the quantum state be consid- ered to be truly epistemic, that is, a representation of an observer’s knowledge of reality rather than reality itself.”
Some of the more popular, modern interpretations of QM assert that the quantum state is representative of our knowledge, and that experiments update that knowledge. There are a variety of names for some of these interpretations, and some of them have different ways of representing that idea. Some of those include QBism and Ensemble/Statistical interpretations.
PBR attempts to counter that view, by demonstrating - through some very reasonable assumptions - some basic contradictions with the epistemic view.
I personally think that the PBR theorem is very strong, as a no-go theorem. It goes along nicely with standard QM, especially stripped down versions in which the underlying mechanisms are not detailed.
On the other hand: it is a bit difficult to precisely assign interpretations to one group or the other. The reason for that being that proponents of each interpretation usually deny any opposing proofs, often with a lot of unconvincing hand waving.
So to finally answer your question about the 3rd option, which is psi-complete: we need to demonstrate there are no hidden or supplemental variables which explain the outcomes of individual experimental trials.