If you only need the event to be visible to the owning player, then the model can report its updated status on demand and we're done, move along, there's nothing to see here.
If, on the other hand, it needs to be visible to anyone from the time of its scheduled creation, then the problem is a little more interesting.
I'd say you need two things. A queue into which you can put timed events (a database table would do nicely) and a background process, either running continuously or restarted frequently, that pulls events scheduled to occur since the last execution (or those that are imminent, I suppose) and actions them.
Looking at the list of options on the Rails wiki, it appears that there is no One True Solution yet. Let's hope that one of them fits the bill.