For lots of reasons I enjoy this episode also, but I agree with you the risk/trap at the end is a stretch. Columbo was sticking his neck out too far !!
By the way Craig, did you find a bone for that dog?
I've thought about that too, and in fact almost posted here once regarding the same thing. Putting his head on the chopping block is definitely something that is off-base. Unless of course he made sure BOTH sides of the guillatine were safe and just marked one safe and one not. COuld be, who knows. But it definitely took balls.