It means: “Colored People Time” it plays off the stereotype that brown and black communities often run late when they have somewhere to go.

(noun) A successful type of theft which results in an acceptable, impressive and rewarding payday for the protagonist.

Cautious Politician Time. When a friend of a candidate for the presidency makes a racist comment while the candidate stands next to them and, instead of saying "That's not cool, Bill," later "clarifies" the comment by inventing a definition that nobody in the history of anything has ever used.