Once the number of lore counters on a Saga is greater than or equal to the greatest number among its chapter abilities, the Saga's controller sacrifices it as soon as its chapter ability has left the stack, most likely by resolving or being countered. This state-based action doesn't use the stack.
Once a chapter ability has triggered, the ability on the stack won't be affected if the Saga gains or loses counters, or if it leaves the battlefield.
The chapter II/III ability doesn't change when you can cast the exiled cards. In most cases, this means during your main phase while the stack is empty, although flash may change this.
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If you cast a spell with the chapter II/III ability, it becomes a new object. If it returns to exile, it's no longer exiled with King Narfi's Betrayal, and you won't be able to cast it again this way.
As a Saga enters the battlefield, its controller puts a lore counter on it. As your precombat main phase begins (immediately after your draw step), you put another lore counter on each Saga you control. Putting a lore counter on a Saga in either of these ways doesn't use the stack.
A chapter ability doesn't trigger if a lore counter is put on a Saga that already had a number of lore counters greater than or equal to that chapter's number. For example, the third lore counter put on a Saga causes the chapter III ability to trigger, but chapters I and II won't trigger again.
The chapter I ability doesn't target any cards in graveyards. For each graveyard, you may exile a creature or planeswalker card that was just milled or one that was already there. You choose which cards are exiled.
Each symbol on the left of a Saga's text box represents a chapter ability. A chapter ability is a triggered ability that triggers when a lore counter that is put on the Saga causes the number of lore counters on the Saga to become equal to or greater than the ability's chapter number. Chapter abilities are put onto the stack and may be responded to.
If multiple chapter abilities trigger at the same time, their controller puts them on the stack in any order. If any of them require targets, those targets are chosen as you put the abilities on the stack, before any of those abilities resolve.
The "cards exiled with King Narfi's Betrayal" are only the cards exiled by that particular King Narfi's Betrayal, not any other Betrayals that you previously controlled.
Removing lore counters won't cause a previous chapter ability to trigger. If lore counters are removed from a Saga, the appropriate chapter abilities will trigger again when the Saga receives more lore counters.
