A delta cycle is a VHDL term, but Riviera Pro seems to be using it for SystemVerilog, too. It's a simulation iteration. (At each simulation time, your simulator will have to iterate to ripple though all of the values until a steady state is reached. Then it advances to the next simulation time.)
You have a combinational loop: gnt_o depends on mask_next, but mask_next depends on gnt_o.