Very easily. The CX-5 can handle up to 8 bluetooth phones.
The setup is split into music and phone, so you can actually choose to have one on phone while other plays music. My wife and I share the car a lot, and changing between the two is easy.
If you need additional music devices, you can also plug in an iPod/iPhone or another into the AUX jack. You can play between all of them easily with very few changes to settings.
The manual states that the car will automatically connect to the last phone used when started up.. I think the Bluetooth menu allows you to change phones, but as you mentioned, only one will be paired at a time
