When it comes to breaking out finances and pay structure for a two-person podcast, there are several factors to consider. Here is a detailed answer outlining the key aspects to consider:

1. Revenue Streams:
   a. Sponsorships: Seek out potential sponsors who align with your podcast's niche and target audience. Approach them with a proposal outlining the benefits they will receive by advertising on your podcast.
   b. Advertisements: Consider incorporating advertisements into your podcast episodes. Platforms like Anchor, Megaphone, or Midroll can help you monetize your podcast through targeted ads.
   c. Donations: Set up a Patreon or Ko-fi account to allow your listeners to support your podcast through voluntary donations.
   d. Merchandise: Create branded merchandise such as t-shirts, mugs, or stickers, and sell them to your audience.

2. Revenue Split:
   Determine how the revenue from various streams will be divided between the hosts. Common splits include:
   a. Equal Split: Both hosts receive an equal share of the revenue.
   b. Performance-Based: If one host brings in more sponsorships or generates higher listener engagement, they may receive a larger portion of the revenue.
   c. Custom Split: Create a unique split based on each host's contributions and responsibilities.

3. Expenses:
   a. Production Costs: Consider expenses related to equipment, software, hosting platforms, editing services, and marketing.
   b. Administrative Costs: Account for any administrative expenses such as website hosting, domain registration, or legal fees.
   c. Other Costs: Additional expenses may include travel, event attendance, or promotional materials.

4. Expense Split:
   Determine how the expenses will be divided between the hosts. Common approaches include:
   a. Equal Split: Both hosts contribute an equal amount towards the expenses.
   b. Custom Split: Allocate expenses based on each host's financial capacity or responsibilities.

5. Pay Structure:
   a. Regular Payments: Decide on a payment frequency, such as monthly or quarterly, and establish a system for distributing the revenue to the hosts.
   b. Profit-Sharing: If the podcast generates significant revenue, consider sharing a portion of the profits with the hosts.
   c. Reinvestment: Allocate a portion of the revenue towards improving the podcast's quality, marketing, or expanding the show.

Remember, these guidelines can be adjusted to fit your specific circumstances and agreements with your co-host. It is crucial to have open and transparent communication throughout the process to ensure fairness and avoid any potential conflicts.

While there are no specific references for this topic, you can find additional insights and best practices from podcasting communities, industry experts, and resources like Podcast Insights or The Podcast Host.