Theory Failed.
Everybody who has been afiliated with Tobi has found out that he is in fact Madra. We have not seen his face but Itachi, Kisame and most likely Zetsu, Nagato, Konan have seen his true face.
Madra calls himself Madra.
Why would Izuna lie and say hes Madra when hes not. Thats stupid.
And dont use "Oh if he is Madra why does he wears a mask?": simple answer: who cares...
Kakashi hides his face, Shino hides his face, Zabuza and Haku hid there face at one point, All the Anbu hide their faces. Who cares if Tobi/Madra hides his face hes a damn ninja. smh