you are a required crew member by regulation and the FAR states that you must log this as PIC. Both of you.
Not actually the case. There is no FAR that states you have to log anything, unless required for currency or a rating. By agreeing prior to the flight, the safety pilot may ACT as PIC, and log the time as PIC. Technically he could also decide to act as SIC instead and log SIC time, although that might look a bit strange. The Safety Pilot is responsible for the conduct of the flight.
The pilot under the hood may also log PIC as the sole manipulator of the flight controls, but he is not ACTING as PIC and is not legally responsible for the flight.