We describe a spectrum splitting solar module design approach using ensembles of 2-20 subcells with bandgaps optimized for the AM1.5D spectrum. Device physics calculations and experimental data determine radiative efficiency parameters for III-V compound semiconductor subcells and enable modification of conventional detailed balance calculations to predict module efficiency while retaining computational speed for a wide search of the design space. Accounting for nonideal absorption and recombination rates due to realistic material imperfections allows us to identify the minimum subcell quantity, quality, electrical connection configuration, and concentration required for 50% module efficiency with realistic optical losses and modeled contact resistance losses. We predict a module efficiency of 50% or greater will be possible with 7-10 electrically independent subcells in a spectral splitting optic at 300-500 suns concentration, assuming a 90% optical efficiency and 98% electrical efficiency, provided the subcells can achieve an average external radiative efficiency of 3-5% and a short circuit current that is at least 90% of the ideal. In examining spectrum splitting solar cells with both series-connected and electrically independent subcells, we identify a new design trade-off independent of the challenges of fabricating optimal bandgap combinations. Series-connected ensembles, having a single set of electrical contacts, are less sensitive to lumped series resistance losses than ensembles where each subcells are contacted independently. By contrast, ensembles with electrically independent subcells can achieve lower radiative losses when the subcells are designed for good optical confinement. Distributing electrically independent subcells in a concentrating receiver module allows flexibility in subcell selection and fabrication, and can achieve ultra-high efficiency with conventional III-V cell technology.