[Siegmund]

2-1 or better vs. a random hand? Not very much. AKs, and pocket 8s or better. Kind of a boring game, with folds happening 96.5% of the time. This game has EV of about +$1.02 (96.5% nothing happens; equity of 76.4% to the player for net profit of $29.27 if he calls)

And yes, there exists a size of small blind that makes this a fair game. That size will be around $1.06. Adding the blind might tip the odds enough to make 77 and AQs playable.

For answers accurate to more than the nearest 2 or 3 cents, we need to be clearer about what happens with ties, whether the blind is part of or in addition to the $200 if he loses, and so on.