Not very clever. Get two leaked copies, and mix them up. Use the credits from copy A, or hell, even chop off 11 milliseconds from them. Then mix and match scenes... even chop off a few ms from some randomly selected scenes. I bet you wouldn't even need the two copies.
Only if you knew that was already going on. Security by obscurity, but still, I don't believe this kind of watermarking was ever used. Maybe something like Cinavia[1] could be used instead? It's an analog watermarking system for detecting pirated copies and refusing to play them if player detects such copy is played on something else than bluray disc. Apparently this survives transcoding, and was/is major pain for pe…
Step 2: Run the whole thing through an optimizer seeking to minimize error while not being detected.
Step 3: Wait a few hours.