If you bust 2 players out together, they will have the same rank, and they will have the same hitman. Therefore, the hitman will be awarded 2 hits, and the 2 busted players will receive the same amount of points, for points that are awarded based on rank (Points for Playing, if configured that way). The two players will also "chop" any prizes that are to be awarded to that rank. When two players chop, you are given the option to divide the prize money and points between the chopping players however you see fit.
More specifically, the players will actually receive any prizes that are to be awarded to those ranks. For example, if 2 players bust out together and get 4th place, there will be no 5th place. The player ranking next will rank 6th. So, if there happens to be a prize awarded to 4th place and a prize awarded to 5th place, the 2 players will chop both of those prizes.