All I meant was it sounds idiomatic and/or colloquial enough, in whatever context. If someone used it over a chessboard, having just finished a game or a sequence of games, they’d likely be understood. If you were trying on clothes, or playing a game with colored clothes, then it could be understood your way. If you sat in the sun with a friend, one of you with a green drink, the other with a red drink, and said it, it could mean “Now let’s try each other's drink.”
P.S. It ["reverse"] seems not to be used actively (#7)
One finds a few online instances of “players reversed colors,” "players will reverse colors" – chess world examples (none from the chess world that I've found so far of “players changed colors”):
Nh4 Bg6 7.Nxg6 hxg6 (The players reversed colors in this position.) 8.g3 Nbd7 9.Bd2 Bb4 (This seems to be a new move. I cannot find any game with this move in ...
20.11.2018 — Magnus Carlsen would have the white pieces back-to-back in Games 6 and 7 as the players reversed colors at the halfway point.
By the rules of the World Championship, the players reversed colors for the second game, with Seeley playing Black and Suekuni playing White.
Players will reverse colors for the first blitz round robin. Players will be paired with the same color and pairing number in the second blitz round robin ...
Here are (the only) two for "changed" and "will change":
After the first day, when the players changed colours, Lajos Portisch was in the lead by half a point, ahead of Hort and Ljubojevic.
12.02.2016 — After the initial round-robin under 40-minutes per game, the players will change colours and play a blitz tournament to determine the ...
All in all then, online, "reverse" seems to be more common than "change."