Currently, on official servers the respawn timer starts at a little over 7 seconds after holding space bar to give up. I suggest decreasing the respawn timer by 1 second for each kill made on the previous life. So one kill would lower the timer to 6 seconds, 2 to 5 seconds and so on. After 8 kills you would get an instant respawn. This would reward killstreaks as there currently is none.
This could work in the opposite direction as well. If a player fails to secure a kill for two lives in a row, the timer could increase by one second. This could keep increasing until they get a kill, and then the timer would reset to the standard 7 seconds. This would disincentivize mindlessly throwing.