No, for ever and ever is what it means.
To interpret it to mean that non-believers spend a never ending time in conscious torment contradicts way too much scripture to the contrary. It is a narrow interpretation of revelation 20.
“This is what it means:
http://www.blueletterbible.org/lang/lexicon/lexicon.cfm?Strongs=G165&t=KJV";
“1) for ever, an unbroken age, perpetuity of time, eternity”
You propose option two, but it is a combination of aions and, therefore, “for ever and ever.” Not “for a time.”
“To interpret it to mean that non-believers spend a never ending time in conscious torment contradicts way too much scripture to the contrary.”
There’s no scripture to the contrary.
Mat_25:46 And these shall go away into everlasting punishment: but the righteous into life eternal.
Mar 9:43-48 And if thy hand offend thee, cut it off: it is better for thee to enter into life maimed, than having two hands to go into hell, into the fire that never shall be quenched: (44) Where their worm dieth not, and the fire is not quenched. (45) And if thy foot offend thee, cut it off: it is better for thee to enter halt into life, than having two feet to be cast into hell, into the fire that never shall be quenched: (46) Where their worm dieth not, and the fire is not quenched. (47) And if thine eye offend thee, pluck it out: it is better for thee to enter into the kingdom of God with one eye, than having two eyes to be cast into hell fire: (48) Where their worm dieth not, and the fire is not quenched.