Rhoneyman's comments

The way to parse this is to reverse the order: Larry and I are the two man team ..., or, we are the two man team. Yet, in everyday usage, we are most comfortable hearing, the two man team is us.

The use of "is" as a stand-alone verb keeps both sides of the verb in the subjective case. In cases where I speak of myself in the singular, I'll say "... is I" or "is we." But when I start listing, it feels far more comfortable to say, "... is Sam and me" even though I'd feel more comfortable saying "... is he and I."

IOW, your friend is technically correct even though the wording sounds like hyper-corrective usage (i.e., replacing "me" with "I" in the objective case). Example: "The team is made up of Larry and I" is hyper-corrective. Of is a preposition and the prounoun needs to be the objective case, "me." But that's not the case here. more »

Should be me vs should be I. Former sounds right; latter not so much. Take it out of the passive voice and it's clearly, I should.