During the first format of "Celebrity Sweepstakes", they based the odds of the final question on how many questions were missed during regular play. In your senario, the final odds would be:
Steve: 5/12 - 7:1
Urkel: 8/12 - 4:1
Chris: 2/12 - 10:1
Kevin: 0/12 - 12:1
Isabel: 11/12 - 1:1
Travis: 4/12 - 8:1
During the second format, the producers would set the odds between 1:1 and 5:1 based on who they thought was most likely to answer.
I was a big fan of the show and always tried to watch it during time off from school. I don't remember the final odds being any more than 7:1 or 8:1 at the highest, but there were a lot of shows I didn't see because of school.
I remember one episode where (I think it was) Dan Rowan in postion 1, and Joey Bishop in postion 3, were about the only two answering right all day. Their final odds were both 1:1, while everyone else's were 7:1 or 8:1. Most of the time they'd be a bit closer. The regulars they had on the show were pretty smart - usually Carol Wayne's and Joey's odds were among the lowest on the final question.
Too bad more episodes of this show didn't exist...