Hi, my friend
some suggestion for your situation:
1. get more extension first: In my university, some people got 5-year J1, so you maybe can get two more years extension. consult with your ISSP officer and let them ask DOS about the possiblity of two years extension. doing so, you can have more time to deal with your waiver issue
2. apply your O1 visa as soon as possible. This also need your university to sponsor you.
Good Luck!