The intent is that before the game begins, you pick which of the three effects all copies of this card have for the game. To balance that, you have to switch it up each game. Three modes, because most matches are best of three.

See Essence of Fire. This used to be like Caller of the Untamed; now it has its very own conspiracy.

Nifty idea! It's a pity it needs to be tracked between two different cards. And if there are rares with this mechanic, where would the conspiracy come from? Wizards don't like making cards you literally can't use without another corresponding card. (Gisela, the Broken Blade notwithstanding.)

Originally I tried fitting it all on a single card, but there were space, complexity, and memory issues. This was suggested to me to resolve though, and the idea is that the metamagic cards would be in boosters like checklist cards, so you don't need to worry about drafting them.

I personally think printing multiple cards with those three effects and somehow restricting how many you can play in your deck would go a long way towards easing the text length of these.

FYI: Invoke the Past, Invoke the Future, Invoke the Present, Invoke Delay, Chronomantic Disciple.