It is hard to imagine that the US Supreme Court will let the State of Colorado define the language of the US Constitution 14th Amendment. The 14th amendment states in its third section: "No person shall be a Senator or Representative in Congress, or elector of President and Vice-President, or hold any office, civil or military, under the United States, or under any State, who, having previously taken an oath, as a member of Congress, or as an officer of the United States, or as a member of any State legislature, or as an executive or judicial officer of any State, to support the Constitution of the United States, shall have engaged in insurrection or rebellion against the same, or given aid or comfort to the enemies thereof.
So, in the absence of any previous judicial finding that Trump did the bold part above, the Colorado SC has decided on its own that he has.
The US Constitution while explicitly giving States a role in the operation of elections, does not give States, lke Colorado, the authority to decide a candidate's eligibility for the office of President.
For now, the Colorado SC ruling only effects the Republican Party primary election in Colorado. There is time for the US Supreme Court to weigh in before actual voting for President in November 2024 occurs.