Let $s_1,\dots,s_p$ and $t_1,\dots,t_p$ be two sets of affinely independent vectors in $\mathbb R^{p-1}$, and $\sigma$ and $\tau$ their convex envelopes: $\sigma=\lbrace \sum_1^px_i s_i|x_1,\dots,x_p\geq 0,~x_1+\dots+x_p=1\rbrace=conv(s_1,\dots,s_p)\\ \tau=\lbrace \sum_1^px_i t_i|x_1,\dots,x_p\geq 0,~x_1+\dots+x_p=1\rbrace=conv(t_1,\dots,t_p).$ For any $1\leq i\leq p$, let $\sigma_i=conv(s_1,\dots,s_{i-1},s_{i+1},\dots,s_p)$ be the $i^{th}$ face of $\sigma$, and similarly for $\tau$. For a non-empty convex set $C$, define $\mathrm{Ext}(C)=$ the set of its extremal points i.e. the set of points in $C$ that aren't midpoints of proper segments contained in $C$.
A famous theorem asserts that for compact convex sets $K\subset\mathbb R^{p-1}$, $K=\overline{conv}(\mathrm{Ext}(K)),$ that is, $K$ coincides with the closed convex envelope of its extremal points.
We'll show that $\mathrm{Ext}(\sigma\cap\tau)\subset\lbrace s_1,\dots,s_p,t_1,\dots,t_p\rbrace\cup\bigcup_{1\leq i,j\leq p}\mathrm{Ext}(\sigma_i\cap\tau_j)~~~~(*)$ Since for $p=1$, the number of extremal points of a compact convex set is $1$ or $2$, by induction on the dimension $p$, the set of extremal points of an intersection of two $p$-simplices is finite.
So let's prove $(*)$. First of all, it is clear that if $x\in C\subset C'$ is an extremal point of $C'$, then it is an extremal point of $C$ aswell. So in order to prove the assertion, we only need to prove that any extremal point of $\sigma\cap\tau$ that is not a vertex of $\sigma$ or $\tau$ is contained in some $\sigma_i$ and some $\tau_j$. This is indeed true, for otherwise, such an extremal point would belong to (for instance) $\sigma\setminus\cup_1^p\sigma_i=\mathrm{Interior}~\sigma$ and to $\tau\setminus\lbrace t_1,\dots,t_p\rbrace=\tau\setminus\mathrm{Ext}(\tau)$, so it could be represented as a mid point of a proper segment $I$ included in $\tau$, and thus as a midpoint of a proper segment (actually a subsegment of $I$) included in $\sigma\cap\tau$ because $\sigma$ contains an open ball centered around that point, which contradicts the extremality of that point in $\sigma\cap\tau$. Thus every extremal point of $\sigma\cap\tau$ that is not a vertex of either $\sigma$ or $\tau$ belongs to an intersection of two faces $\sigma_i\cap\tau_j$, and by what precedes is an extremal point of that convex set.
So by induction on $p$, the set of extremal points of the intersection of two $p$-simplices is finite, and since the convex envelope of a compact set is compact (corollary to Caratheodory's theorem), we have $\sigma\cap\tau=\overline{conv}(\mathrm{Ext}(\sigma\cap\tau))=\overline{conv}(\mathrm{finite~set})=conv(\mathrm{finite~set})\\ =\bigcup p\mathrm{-simplices~built~from~that~finite~set}$ The last equality uses Carathedory's theorem, according to which, for any nonempty subset $S\subset\mathbb R^{p-1}$, $conv(S)=\lbrace \sum_1^pt_is_i|s_1,,\dots,s_p\in S\rbrace.$ This concludes the proof that the intersection of two $p$ simplices is a finite union of $p$-simplices.