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If the first ability resolves but the target opponent can't become the monarch (perhaps because they also had a Jared Carthalion enter the battlefield earlier in the turn), the current monarch stays the monarch, even if that player is you

Wolf generating: The most simple Wolf generating cards are Master of the Wild Hunt and Garruk Relentless which generate a wolf token every turn and Wren's Run Packmaster which generates even more if you have some mana left

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While this could be another cantrip.dec, I think with the support this strategy has via things like Goblin Electormancer and those effects you can also run a bunch of larger impact spells

No one was even thinking about abusing it, just using it to deceive their opponents, and it became the inspiration for the morph mechanic