"Refreshing" might be the wrong word. It is a cut and dry show: interrogate imposters for :30...lather, rinse, repeat, then vote. By "modernize", just off the top of my head, invoking more of a panel discussion as opposed to just a :30 interrogation and casting a vote.
There was a show a few years back called Wanna Bet? I think it was hosted by Ant and Dec...it was a fun little summer panel show. Something more along those lines, a lighthearted game with a little humor that's not all about high stakes.
I dunno why, but the instant I read "facing a punishment", I immediately thought of having them do the opposite of what the "winner" does at the end of Whose Line is it Anyway...maybe look into the camera and say "To tell the truth, I am terrible at picking out the real _____..."