I think you may both be right that it should have been a fold. I thought he might be overvaluing a lot of top pair type hands here also, and if those were not in his range, then the call fails to break even.
Spot 7 Analysis
Button open limps, and small blind raises to 4 big blinds with AsQs. Big blind calls and button folds.
Flop is 7h8sJs, and the small blind makes a bot sized bet, and the short stacked big blind raises all in. It costs $8,073,000 to call, and there is $13,273,000 to win (total pot will be $21,346,000 if a call is made).
Some general thoughts:
• Since the big blind is a relatively small stack (~50 big blinds at the start of the hand), they have more “value” hands with which to make this bet, and top pair and two pair type hands may be in range (it takes less to justify the shove this short stacked).
• The pre-flop call should reduce combinations of JJ+ (though we see after the fact that the big blind did in fact have QQ)
• Suited combinations of T9 should certainly be in range for the big blind, and possibly even off suit combos.
• Villain also has sets in range
• We block many of the bluffs in range
Hypothetical range with no bluffs at all, but with thin value:
• 2 combos each of JJ and QQ (JJ seems most likely pre-flop, and post is blocked by the board), and one combo each of KK and AA
• 8 combos of T9 (all suited and 4 off suit)
• J8s and 87s
• full combos of 88 and 77
• All combos of AJ, KJ and QJ, and JT
Against this range, AsQs has 44.38% equity on the flop. 44.38% of $13,273,000 = $5,890,557, and 55.62% of $8,073,000 = $4,490,202.60. So against the range described, the call works out, and any bluffs in range just improve the situation. The main question: is there really that much thin value in range? If we remove all top pair type hands, equity drops to 34.26%, and winnings are now $4,547,329.80 versus losses of $5,307190. So for this call to be correct, there have to be quite a few bluffs or thin value type hands in the big blind’s range.