re: Poker & Chopping the Pot
As noted, if you're referring to a tournament chop, there are multiple ways to do it. The easy way is the "chip chop" method Bowman describes where each player gets paid in direct proportion to their chip stacks. This however is not actually a fairly equitable arrangement for the lesser stacks, because due to ICM the more chips you have, the less valuable each chip is.
An ICM chop takes this into account and distributes the prize pool much more equitably, but is also a more complex calculation.