Activate Coveted Falcon by paying 1, turning it face up.
Coveted Falcon triggers, causing an opponent to gain control of Karlov Watchdog and causing you to draw a card.
During the opponent's turn, activate Shilgengar by sacrificing a face-down creature you control.
When the creature dies, Yarus's second ability triggers, returning it from your graveyard to the battlefield face-down as a 2/2 creature, and then not turning it face-up due to Karlov Watchdog.
Resolve the Shilgengar ability.
Repeat from step 3.
This clever loop revolves around turning Coveted Falcon face up to repeatedly donate your own permanents—like Karlov Watchdog—to an opponent, fueling your engine with card draw. Once Karlov Watchdog is safely in their hands, its static ability becomes the lynchpin of the combo: it prevents your opponents' permanents from being turned face up during your turn. This crucial restriction stops Yarus, Roar of the Old Gods from automatically flipping your creatures face up when they return, keeping them safely face-down. Meanwhile, Shilgengar, Sire of Famine stands ready to sacrifice those face-down creatures for Blood tokens, while Yarus triggers upon their death to loop them right back to the battlefield face-down, setting up an endless cycle of sacrifice and rebirth.