No it can't and it shouldn't. This is like having several generals on the same battalion, several chefs working on the same dish.
If you want more details, here's why this is not the case:
- If team members have the same authority as the PM, then they will be able to modify tasks, change the schedule, etc...
- There will be multiple people reporting on the same project to the stakeholders, which will create confusion.
- Not all team members want to have authority, and certainly not all of them deserve it or can handle it.
- The whole concept of project management will be broken, and we will return to the dark ages where there was no project managers, and the project was managed by the team.