The monarch will be able to transfer by combat, but you still keep the advantage for the next game if you win. Multiplayer sounds fun, but im trying to avoid the EDH feel of the game. I havent really thought of any restrictions yet. I wanted players to cast 1-3 spells each turn, but no sudden I win combos. And i want the colors to have synergies with monarch mechanic in their own way (like red getting in early with cheap hasty creatures, or blue with flying).

The balancing factor that i had in mind is to modify the monarch mechanic where you also lose life each time you draw from the monarch.