It's only applicable to one person at a time. Also; the Mazou's ability has only been shown once someone's bound themself to it.Banshō Ten'in movement restricting...
And Minato can be chained from the start of the match. He won't blitz considering Madara dodging Hiraishin for multiple times with only one eye. If he gets Minato out, they're all out considering PS cloaked Kurama, Mokuton and Rinnegan with it's grand summoning - Mazō.
Minato can easily Hirashin away from being Chained. Madara has never been shown to dodge Hirashin.
You're essentially debating Madara versus a slightly weaker Madara that can't die. He can't survive Tengai Shinsei and there's no evidence he can stabilise his Susano'o to PS without his other eye.