To be honest with you, I would make a decision a little harder than that. I would be inclined to do some basic information gathering to determine which computer has the most power and choose that it should be a split (power is intentionally an indefinite term, since the most powerful computer will depend on the requirements of the split and the game) Let the server need run an additional piece of software (server in addition to the game). Of course, if all computers do not have the same specifications, then it is best suited for this task than others. As long as all nodes perform the same data assessment, they must reach a consensus as to who should lead, or you may have the first node that created the game, be responsible for deciding which node should be the server.
It may also be worthwhile to establish that the server is configured to periodically reassess its qualifications as a split. For example, background processes may begin that would interfere with its ability to perform adequately, or a more powerful node could join the game. Obviously, transferring the host as the game progressed would be non-trivial, but that's what to think about. (Remember, this happens in online games, i.e. in Halo. When all client connections to the connector drop below a certain threshold, the game pauses and restores on another server, which can provide better performance).
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