Product: Clarify project status name for projects currently labeled "Pending"

### Overview
We need to confirm with stakeholders what the correct status name should be for projects that are not yet reviewed, not assigned to a reviewer, and do not have an invoice.

### Details
Currently, projects that are not yet reviewed, not assigned to a reviewer, and do not have an invoice are labeled as "Pending".
We need to confirm with stakeholders if "Pending" is the correct status name or if a different label should be used.

### Action Items
- [x] Review with product and dev. Update if needed based on feedback
- [ ] Once finalized, add before and after images to the slide in the staging deck for this issue (see link under resources)
- [ ] Get Stakeholder sign-off via the stakeholder meeting slide deck.

### Resources/Instructions
- Referenced from #2427
- Current Status options
- Pending
- Terminated
- Withdrawn
- Denied
- Approved
- Approved with Conditions

#### Staging and Release decks
- [Staging Deck](https://docs.google.com/presentation/d/1crZ3IxqA4hAu3qzD7ns93Ieuqjwh6wyEtuX_46cP-fg/)
- [Staging slide, 2963](https://docs.google.com/presentation/d/1crZ3IxqA4hAu3qzD7ns93Ieuqjwh6wyEtuX_46cP-fg/edit?slide=id.g3cf84d504bd_2_17#slide=id.g3cf84d504bd_2_17)
- Release Deck
- [2025-MM-DD Release deck, slide ISSUE NUMBER]

Review referenced issue #2427 and the listed current status options first; use the linked staging slide to compare the existing presentation. Confirm whether “Pending” should remain with stakeholders, then update the staging-deck slide with before-and-after images and obtain stakeholder sign-off.

Written by the indexing model from the issue text.