Good initiative, and a good start toward drafting a new statement on this. I was going to add a "comment" on Chris' draft writeup, but since the discussion had veered off in a different direction, I think an "answer" is better.
I have wondered about the wisdom of using the terms "Profile Manager" and "Trusted List" in relation to Open profiles for people from long ago. This is not just a semantic concern: I have observed that there are Profile Managers who refuse to add other users to the Trusted Lists for Open profiles because they believe that being a Profile Manager gives them exclusive control -- and because they don't trust other contributors.
Essentially all of my work that has involved interaction/collaboration with other contributors has been on profiles for people born >200 years ago. Often these profiles have a large number of Profile Managers, typically because a large number of contributors uploaded gedcoms that included the person, and they maintain their status as PMs after the various duplicates are merged. When a profile that was first created 5 years ago is completely unsourced and has 7 named managers, none of whom has edited it (other than possibly to complete a merge) since their original gedcom upload (this may sound like an extreme example, but it actually descrives far too many profiles), it seems overly generous to describe thost 7 people as its "managers" and it seems unrealistic to expect them to "lead the collaboration" to edit that profile. Perhaps "Profile Administrator" would be a more appropriate descriptor, indicating that the person has agreed to talke responsibility for administering certain interactions related to the profile, without Implying they are in charge of the profile.
In that same context of profiles of long-ago people, the notion of the "Trusted List" seems a bit quaint, because personal privacy should not be an issue. Ideally, however, there should be some threshold level of earned trust (similar to the pre-1700 test) before a person is enabled to complete merges. Aside from the authority to make merges, I see the main purposes for being added to a "Trusted List" for an Open profile as (1) being able to watchlist the profile (and get notifications of anniversaries if you like those) and (2) to identify oneself as someone who is willing to be contacted about questions or comments related to the profile. For those purposes, and as applied to Open profiles, I think that the term "Collaborators List" would be more accurate (and hopefully would reduce the reluctance of some profile managers to add people to the List).