The series is named after the Phantasm ability seen in Kinoko Nasu's works, that enables warriors to create a separate dimension (Marble Phantasms, Noble Phantasms). The Carnival Phantasm refers to creating a dimension of entertainment and fun, in contrast to the generally grim and serious tone of Nasu's stories.
Lancer ga shinda! Kono hito de nashi!... Lancer's died! You aren't human!
The closing credits are a long pan shot of Kinoko Nasu's characters in a line.