If you're developing feelings for an other guy while being involved with this Master....then....not to sound hetero normative or nothing but....it doesn't sound all that serious. It doesn't sound like your heart is with this guy. And on top of that he doesn't seem like such a great guy. What would you lose by dumping him?
I think a good goal to aim for before a collaring ceremony....is love. I like to see collaring as getting married. To me it has the same weight.
In either case, I'd follow my heart if I were you. Our brains are seldom in our pants.