Quote from CR »
104.3h In a multiplayer game, an effect that states that a player wins the game instead causes all of
that player’s opponents to lose the game. (This may not cause the game to end if the limited
range of influence option is being used; see rule 801.)
Quote from Drifting Skies
You can't lose due to Platinum Angel, but the other two players involved can. The game will continue with you and the opponent with the Sovereign.
614.7. If a replacement effect would replace an event, but that event never happens, the replacement effect simply doesn't do anything.
614.1a Effects that use the word "instead" are replacement effects. Most replacement effects use the word "instead" to indicate what events will be replaced with other events.
609.1. An effect is something that happens in the game as a result of a spell or ability. When a spell, activated ability, or triggered ability resolves, it may create one or more one-shot or continuous effects. Static abilities may create one or more continuous effects. Text itself is never an effect.
Quote from Drifting SkiesI asked on the official Judge forum since I remain unconvinced about whether 104.3h counts as a replacement rule per 614.1a: Link to those with accounts.
Until we get an official answer in either direction, speculating doesn't seem particularly useful. Will keep my eyes out on the topic and post when a definitive answer is given.