I don't actually mind the committee idea but I think there are a couple of problems with it that need tweaking.
1) There needs to be a clear named leader that says yes or no, preferably the manager but doesn't have to be I suppose.
2) The name. It shouldn't be called a committee FFS, that suggests shared responsibility. Or for a better description, a place to hide whilst the manager takes all the ****.
Now, if the manager is chosen for number one then number two doesn't really matter too much since he's the guy that takes the flack anyway. However, I'd still change it since its getting unwanted attention for our club.
I think the leader member should be the manager and the others should be there as support. Let one of them take care of negotiations etc if you want but the manager should be the guy choosing which players stay, go or comes in.