4 of 4 added 1267 characters in body

Jelly,  27 25  24 bytes

-1 thanks to Erik the Outgolfer (use a zero instead of a space character)

Ż€2¦Œpḟ€0ZḢŒuEƲƇXż“'s“”K

A full program accepting an argument in the form of a Python formatted list of lists of strings which prints the output to STDOUTt.

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How?

Ż€2¦Œpḟ€0ZḢŒuEƲƇXż“'s“”K - Main Link: list of lists of lists of characters
 € ¦                     - sparse application...
  2                      - ...to indices: [2]
Ż                        - ...action: prepend a zero (place holder for no adjective)
    Œp                   - Cartesian product (all choices, including invalid ones)
       €                 - for each:
      ḟ 0                -   filter out any zeros
               Ƈ         - filter keep those for which:
              Ʋ          -   last four links as a monad:
         Z               -     transpose
          Ḣ              -     head
           Œu            -     upper-case
             E           -     all equal?
                X        - random (uniform) choice  e.g. [['B','o','b'],['b','l','u','e'],['b','a','g']]
                 ż       - zip with:
                  “'s“”  -   list [["'", 's'], []]       [[['B','o','b'],["'", 's']],[['b','l','u','e'],[]],['b','a','g']]
                       K - join with spaces              [['B','o','b'],["'", 's'],' ',['b','l','u','e'],[],' ','b','a','g']
                         - implicit (smashing) print     Bob's blue bag