In terms of a name, how about "Mage Wars: Annihilation"?
I was thinking though, if a mage has 'died' and then carries on playing, I would assume that the 'dead' mages living opponents would not waste their resources attacking that mage and concentrate on the remaining 'living' mages. However, the 'dead' mage would be a complete hindrance to the 'living' mages. I think that you could consider some kind of restriction on the 'dead' mage such as a limit to quick action, non-attack spells, half mana channelling (rounded up or down) or something like that. I think that there must be some kind of penalty for dying, otherwise the death of a mage doesn't have a great enough impact on a team.