Call a meeting with the band members and ask for their input.

If you are putting up the money and most of the work for the CD, the other band members might be happy with a set amount up front and the extra gigs the CD will generate for them. If they want a cut of the profits, they might be willing to front their share of the money (and work) it takes to produce the CD.

If you can't come to some sort of consensus within the band, cut the CD under your own name and hire some of the band members (if they're still talking to you) to play on the CD. It's hard work being the band leader and the other members of the band will have no idea just how hard until they've done it themselves!

Mike Iverson
Blue Sage Trio