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It would be decided in accordance with the tournament rules, which may differ from tournament to tournament. However, below is a section from a common tournament rule book:
WINNING THE TOURNEY The final player remaining with all the chips will be the first prize winner. The last player eliminated will be the second prize winner; the second last player eliminated will be the third prize winner, etc.. If more than one player is eliminated on the same hand, they shall split the combined prize money for the appropriate places.
HomePokerTourney Tournament Rules, pg 1.
So, if you were to use these rules, and 2 people were to go out at the same time, leaving only the winner remaining, then those two people would split the prize money for 2nd and 3rd place.
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