Agreed upon PIC Pilot A takes off from Airport W, and turns the controls over to hooded pilot B at 100' AGL.
Pilot B flies under the hood to Airport X 5 miles away. At 100' AGL pilot B removes hood and does a touch and go at Airport X, putting the hood back on at 100' AGL. Pilot B continues flying to Airport Y somewhere that's both 50+ nm from airport W and X.
At 100' AGL at airport Y where Pilot A takes the controls and does a touch and go, and at 100' turns the controls back over to pilot B. Pilot B flies the airplane to Airport Z which is 5 miles away from Airport Y, but still 50+ away from W and X.
Pilot A takes contols at 100' AGL, performs a touch and go at Airport Z, and controls back to Pilot B at 100' AGL. Pilot B flies back to Airport X where Pilot A takes over at 100' AGL, and performs the touch and go, and Pilot B goes back under the hood at 100' AGL and flies back to airport W, pulls the hood at 100' AGL and lands completing the flight.
So, we have
Airport W: Pilot A - takeoff
Airport X: Pilot B - landing/takeoff
Airport Y: Pilot A - landing/takeoff
Airport Z: Pilot B - landing/takeoff
Airport X: Pilot A - landing/takeoff
Airport W: Pilot B - landing
Pilot A would get to log XC for all but the duration from X to W at the end of the flight. He would get to log PIC for all the time except for the touch n go time the first time at X, the touch and go time Z, and the landing at W
Pilot B would get to log XC for all but the duration from W to X at the beginning of the flight, and PIC time for the flight except for the takeoff time at W, the touch n go time at Y, and the touch n go time the second time at X.
So, if the flight was 3.0 total, they would both log 2.9 XC and PIC.