Eagleman & Sejnowski (2000abc) proposed a third alternative: visual awareness is neither predictive nor on-line, but is instead postdictive, such that the percept attributed to the time of the flash is a function of events that happen in the  following the flash.
Eagleman and Sejnowski (2000abc) proposed that visual awareness is not based on predicting future events or processing information in real-time, but rather on interpreting events that occur after the flash of light.