If you would lose the game this turn, instead draw 7 cards and your life total becomes 1.
Exile "Amazing Comeback"
I believe the rulings on this card will say that it only works once, right? I mean if you die several times during the same turn (because you're paying life to Channel) do you draw a bunch of cards or just the first 7? Because if you draw a bunch this is insane. Which leads me to think you only draw the first time.
This isn't as good as Lich's Mirror in that particular combo deck, but this doesn't make you lose all your permanents nor hand and also can be played as a defensive spell (still loses to Tendrils and Ballista though).