First of all, I would like to thank all the clapping for my awesome 'Paint' skills. I am, truly, a master ( in all fairness, couldn't be arsed moving the picture around to my mac machine, were all the real image tools are -- so this will do. )
So, instead of having that little circle that slightly changes color and gets green and whatnot, my suggestion is to have an all-round frame that would start filling in red, then becomes orange, then becomes yellow and eventually will be all around green.
There could still be a number on top of the frame indicating the time in seconds, but if something would fill in gradually, I believe it would give a much easier indicator of when things are happening.
I would also re-arrange the icons and put them in that dead-space - you'll be able to have a glance while looking at the mini-map how are the ultimates going and, on top ( and less interesting ) your dead foes.
I know a lot of streamers love that space to show off their assets, but I think the space could be put to better use.