Li Shenron
Legend
We decided to have at least two, both running separate campaigns.
While one campaign (module) was running, the other DM was getting their game/module ready all the while getting to play as a PC in the current one.
Usually one campaign was low-mid level, while the other was mid-high level.
If the current DM could not make it, the other DM could start/continue their's for that session.
In time, we had expanded that concept when our group became bigger, and more experienced players/DMs joined. Instead of creating a new campaign for each DM, they would then create a side/story that would fit within the bigger campaign.
If it works for your group, then go for it. We were normally 3-4 DMs in our longest-running group, but we never shared the same campaign. Each DM would run her own (although I don't think we ever had more than 2 ongoing at the same time), but not mess with the others', mostly because as players in another DM's campaign we didn't want to get spoilers. I think it's much easier to keep them separate, and if you don't have a DM tonight, someone can just try to run a one-shot.