Creature — Zombie Wizard
2/2
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→ Infinite ETB, Infinite LTB, Infinite storm count
→ Each opponent loses the game, Infinite +1/+1 counters on a creature, Infinite death triggers
→ Each opponent loses the game, Infinite death triggers, Infinite ETB
The "intervening 'if' clause" means that (1) the ability won't trigger at all unless you control a permanent of the specified color, and (2) the ability will do nothing unless you control a permanent of the specified color at the time it resolves.
This ability isn't optional. When Sedraxis Alchemist enters, if you control a blue permanent and no other player controls a nonland permanent, you'll have to target a nonland permanent you control.