I just re-read the question. Actually snaaake. It's a combo of both answers. He has one ground, in his CP, he's thinking of splitting the ground and running the two wires to each controller port. THAT is bad. Double grounding soming tends to make problems occur. Technically speaking it should work, BUT electricity always takes the easiest path.
In audio equipment if you double gorund the equiopment you get a ground loop interference.
Yes, you will need to run player 1 grounds to DC1 and player 2 to DC port 2.
BUt, I have to ask, will the ground also be going to your IPAC, or whatever you use to hook up to a computer? That'd be bad too. You'll need to switch from the computer to the DC grounds. A relay solves that, but I don't know much about relays.