Final Table - Agreeing Split

Mr_Roger_Bongos wrote: »

I've never been at a final table (and only been on two!) where someone's proposed splitting the winnings.

How does this normally work? Do you have to get approval from the tournament director?

I've heard propsosed splits for the final 3 players in the format;
Each takes the 3rd place prize
Divide the rest of the winnings by the % of the remaining chips each player owns.

Does that sound fair?

Its normal. Far from having a problem most tournament directors are happy to help with the maths of it - they'd prefer to end the tournament now so a) the dealer can do other work b) the winning players can go off playing cash or table games.
Your maths seems fair enough. If you google 'ICM Calculator' you'll get calculators that give you exact mathematical payouts after you input the current payouts, the players remaining and their stack sizes. (ICM = independent chip model).
Bear in mind some players may claim to be entitled to more than the ICM split gives them because of "their superior ability". They are perfectly entitled to ask for this though theres usually an element of arm chancing on their part.