A 5 or 6 man leadership group is nothing new these days. Having co-captains also isn't rare these days. Giving a long term player the recognition of being club captain, while not being run-on captain, is less common, although I'm sure it's happened before. I expect Ray will be a leader among the young blokes and do a bit more with sponsors among other things.
There was no stand-out option for captain, so sharing it between the 2 blokes who need to be our most influential over a season, and giving them the on field authority, makes sense. I'm sure it will all work fine and we'll probably go back to one on-field captain in 24.