The invention provides a two-panel color management system for projection display applications, wherein color sequencing is accomplished using achromatic beam switching and static color separation. In a preferred embodiment, a liquid-crystal polarization switch alternates a polarization of an input light beam between two orthogonal states. A polarization beam splitter directs the beam comprising three primary color components alternately along a first and second paths, wherein first and second different secondary color filters are disposed for forming first and second secondary colored beams, each having two different primary color components. A dichroic color separator alternately receives the first and second secondary colored beams, separates their primary color components and directs them to first and second imager panels. A beam combiner combines the first polarized primary color beam from the first imager and the second polarized primary color beam from the second imager to form a projection beam.