[Gramps]

[ QUOTE ]
The total EV of sitting out is $67.2.

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You're way, way, way, way overestimating your EV of sitting out. You're basically assuming you'll finish 2nd at worst...

...but by your strategy, you will fold every hand UTG, or every hand the big stack enters first (which any big stack in their right mind will do almost every hand to exploit this bubble situation) - and he's to your immediate right, so he's either in the BB or acting before you on every hand. You will often get chipped down significantly before getting in the money (meaning very few 1sts, a lot of 3rds (short stacks do make comebacks quite often), and you will finish 4th a percentage of the time playing this way as well)...

...and AA wins 85% of the time against a random hand...

It sounds like you're trying very hard to tweak your assumptions in favor of your desired conclusion. You can get away with that fine in the classroom, but when it comes to playing thousands of SNGs, those incorrect assumptions leading to -EV plays like this will come back to bite you in the arse for mucho $$...

...maybe there's a reason everyone is saying play AA here...