Quote from the issue tracker thread:
A server-side fix was released yesterday. Please make sure your Google Play services is up-to-date to receive the fix. You would also need to have a Google account logged-in on your Android TV to receive this fix (without an account, Google Play services would not be able to update either).
The cause of the delay is the activation of a feature that was intended for non-ATV devices. One of the side-effects of this feature is latency for Bluetooth remotes. This feature has been turned off for ATV.
Thank you for your patience.
So if Google Play is updated, do we just cycle power to the player?