Look at the success of Asiamiles with some major carriers:
Aer Lingus
Air China
Alaska Airlines
American Airlines®
British Airways
Cathay Pacific Airways
China Eastern Airlines
Dragonair
Finnair
Gulf Air
Iberia
Japan Airlines / Japan Asia Airways / JALways
LAN
Qantas Airways
Royal Brunei Airlines
Vietnam Airlines
I don't see why they can't share the compliacated revenue, if Star Alliance is already able to offer the "Round The World" fare...!