Hi JP Subramanian,
Reviewing through your inquiry I would suggest submitting a case in your customer group as a next step ( MyJive Secret Support Group Administration FAQ ) as troubleshooting SSO issues can include personal information. That being said, before submitting the case I would suggest the following:
1. Enable SAML debug mode in your instance (admin console >> people >> settings >> single sign-on >> SAML >> general or via the system property saml.debug = true) as this will output a full stacktrace of the error/cause to the user when the login attempt fails.
2. Copy/paste the contents of that error into .txt/.doc file and attach it to the case