Our payroll poobah suggests that a better strategy, at least from the employer’s perspective, would be to enter into an averaging agreement that averages overtime over 2-week cycles and in which any excess hours in the 7 days on would be offset by the 7 days off.
However you decide to proceed–averaging agreement or on call premium–remember that you need to track actual hours worked.
Hope that helps and was worth the wait. Will try to be much faster in the future. Glenn