DESCRIPTION
This isn't just any old mill deck - it actually has a lot of game! Fraying Sanity and Startled Awake are a knockout combo, and putting multiples of them together is our main win condition. Here's three ways we can win pretty early:
1. Turn 3 Fraying Sanity, turn 4 Startled Awake, turn 5 Startled Awake = 52 mills
2. Turn 3 Fraying Sanity, turn 4 Startled Awake, turn 5 Put Persistent Nightmare into play, turn 6 Unsummon Nightmare, cast Startled Awake = 52 mills
3. Turn 3 Fraying Sanity, Turn 4 Fraying Sanity, Turn 5 Startled Awake = 52 mills
Note that all of these ways of winning allow us to miss a land drop on the final turn*
To facilitate the combo, we'll play a 14-card cycling package that doubles in some ways as a control suite. Censor and Countervailing Winds can be cycled away to find the combo quickly or used as counterspells, Compelling Argument can help us find our combo pieces or mill a ton of cards once Sanity is in play, and Hieroglyphic Illumination can find land drops and combo pieces both early and late. We'll even play a one-of Abandoned Sarcophagus so we can play our Compelling Arguments and counterspells out of the graveyard ocassionally!
The rest of the deck is counterspells and removal (in the form of bounce). Bounce removal isn't too bad in this format where there are a fair amount of tokens lurking about. Winds of Rebuke is pretty broad and can even get us a few more mills (8 if we have 2 Fraying Sanitys!), and all of our removal has a second mode - they can bounce Persistent Nightmare back to our hand so we can play Startled Awake again!
Add the fact that our curve is relatively low (our most expensive card is 4 cmc, and Persistent Nightmare technically costs 5) and our large number of cheap cyclers, and we can keep the land count very low.