Ethical Question

[KenProspero]

Single table 7-card stud (low stakes -- actually play chips when it happened, but the other person says he's done this in money games too).

Three left in the game. Two with relatively even stacks, and a third who hasn't made a bet other than bring-ins and ante's in 40 or 50 hands, and is obviously 'not playing'.

One of the two players says -- 'let's just check everything until there's just the two of us'.

Collusion, obviously.

Ethical??