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Another option may be to cap the size of the pot to the lowest stack at the table so that everyone gets the same price on the gamble.
This is probably the best idea I have read so far.
The big problem are stack sizes. If a few are deep and some others are sitting on 25-50bb, it's simply not fair, when 2 or more players have to put in 200+bb.
Either make it a freeroll, and just run a flip. Or as suggested above cap it at the lowest stack, that way nobody gets discriminated and it's all equal!
I'd prefer a flip in fact all splashes over 50bb should just be flips. Eliminates errors and also makes it more rec friendly.