Another Colorado pizza business ran this “Hot-N-Ready” ad. Thought some of you might get a kick out of it.
That’s awesome!
I guess they will find out if trademark infringement is “worth it”. 
There are several things you can NOT say:
PIZZA PIZZA
HOT-N-READY
DOUBLE DOUBLE
etc
Just going from memory but we (Domino’s) got in trouble.
By the same token, they’ll get a letter and they’ll stop.
And they will have already run the ad…
Hot-N-Ready ®
And there you go…
I think there are some instances where you can use another’s trademark…You often see it in car ads…But I am pretty sure you have to indicate who the owner of the trademark is…
And you may be able to say something like…Their pizza may be “hot” and it may be “ready” but is it worth it?..
Agreed re your first point but… still confused on the legalities.
You will see (or they might have added) “Hot-N-Ready is a registered TM of Little Caesars” and such so not sure if that makes it ok or not?
Your second take is good- equally as effective yet skirts the issue.