[Poseidon65]

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If the agreement is "we share 10% of our profit with each other" he did just fine. That's what he's doing. And that's the only agreement I would ever go with--if I win $400 in a $340 tourney for going out on the bubble at the same time as another player, I ain't giving you $40 and keeping $20 for myself; you're getting $6. And if someone else pays my way in to the tourney, the agreement with that guy holds, and again, you'll get 10% of my profit. And if I have a 10% agreement with 3 other players, I'm obviously not giving 4 people $40 each and losing money on this.

So I see nothing wrong with this, other than it sounds like you haven't been doing 10% of profit in the past...sounds more like you've been doing 10% of the gross take.

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What if he'd sold all of himself? Then I guess you'd get $0 regardless of where he finished?

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Yes.

Say I'm sitting with $200 wasting time playing 4/8 at Bellagio when someone says "you're so good, I'll buy you into the $1000 tourney for 50% of whatever you money". If I have a 10% arrangement with 5 other people, would y'all prefer I refused saying "sorry, I owe 50% to others so I'll make 0 by doing that" or would y'all prefer I say "great, thanks" and then share 10% of my profit with the 5 of you?

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This would be fine, and each of the 5 stakers would put up 5% of the buyin in advance, not 10%.

In this case, OP sold 10% of himself for 3% of his friend, and I doubt that was the spirit of the arrangement.