The Awl To Pay Contributors

Yes, it’s true: The Awl will be paying its contributors on a profit-sharing model starting January 1, reports Yahoo!’s The Cutline.

The “irreverent and idiosyncratic” startup is two years old and will bring in $200,000 in revenue in 2010. (Publisher David Cho recently said that he expected the site to reach the “low million” annual revenue mark in the next 18 months.)

The pay will not be much: founders Choire Sicha and Alex Balk will simply be lopping off a percentage of the site’s monthly income and splitting it with all the writers, but it’s a promising start.

In another “financially promising gesture,” writes Yahoo!s Joe Pompeo, “The Awl announced Monday that it is looking to hire a managing editor, who will be the site’s first paid staffer beyond its founders. As of Tuesday afternoon, about 50 “amazing applications” had come in, Sicha said.”