Each person on my team has a day of the week they own, and then we have a rotation for weekends, and negotiate holiday/pto trades. I guess it really only maps correctly for a 5 person team.

We previously had a week long rotation, and some folks were initially skeptical of the idea to change, saying they were worried they'd feel like they were "oncall all the time". But, they agreed to try it for a month. That was a bit over a year ago now, and no complaints.

I think it ends up being a lower stress configuration, because it just becomes part of your normal expected work-week routine, and generally isn't as mentally draining. It does make end of year PTO/holiday time a bit more complex to work out, but so far my team has been okay with that tradeoff.

how do you work around bank holidays? Which in some countries are almost always on the same weekday? Does the person who has Mondays just deal with not having a longer weekend like everyone else?

What about the person who has Friday? Do they never go out on a Friday evening?

Sounds a nice idea in theory but not all week days are equally inconvenient.