It doesn't ultimately boil down to these three options.
What if Jesus was simply a populist leader? An evangelical if you will. Who's later followers applied the trappings of godhood to him. What if a large portion of the biblical sayings attributed to Jesus weren't said by him?
Note that even in the biblical record there is some suggestion of this. Look closely at the Gospels, now look at the record of Paul's teachings? Notice any differences?
What if 'Jesus' is actually a conglomeration of several figures living at the time? Who's teachings became merged into the figure singularly recorded as Jesus?
What if one of the other many Gospels were actually true, and the four chosen by the Catholics false?