Stephen Michael Hickey
I played this game when it was demoed...a good dozen games...I love the concept but feel there was something lacking. I felt the negative for guessing wrong was not that bad...It did not really punish those that just guessed randomly...
So my family has instituted a new rule....the player that makes a wrong accusation loses one treasure at random....
This makes it more fun and actually makes people try to deduce who is who, instead of randomly guess.
I came to the exact same conclusion. A false accusation should mean that the incorrect gesser loses a card. Otherwise, the keyholder and traitor have a 50% chance of signalling the correct wizard.
You may want to start everyone with a 3 treasure card to begin with so that everyone has something to lose from the start and make the new goal 12 points.
Also, to stop someone from rapid fire guessing, adopt the rule that you can't shout stop if you are reduced to zero cards.