When multiple lines are available to be set up, as is the case in most states for ice fishing, an ice fishing trap (or tip up) is a great way to catch fish. Simply drill your holes, set up your traps and wait for the flags to pop.
Ice fishing traps are relatively simple to use, but deadly effective when applied correctly. Basically just get as many traps per person as you are allowed, drill holes as various depths along a break or piece of structure and set a trap at each hole. Each trap should be set up with braided line and a hook. I normally use a treble hook to increase my chances at a good hook set, but any sharp hook will do. Simply hook your minnow to the treble hook, lower down to close to the bottom and let sit there. Watch your traps from a comfortable place and run like heck when a flag trips.