Embodiments of the invention provide systems, methods, and apparatus for arbitrating a multi-master computer bus. The embodiments include a multi-master serial computer bus; a first master coupled to the bus; a second master coupled to the bus; a slave device coupled to the bus; a first I/O line from the first master going to the second master and the slave device; and a second I/O line from the second master going to the first master and the slave device. A bus arbitration protocol for arbitrating use of the bus restricts the masters to a single transaction each time either master becomes a bus master, and the masters are each adapted to use the I/O lines to signal to each other not to become a bus master. Numerous other aspects are disclosed.