This is on the bubble of a 22$ rebuy tournament on Stars. The payout structure is the following:

1. 680
2. 408
3. 272

There was a lot of folding going on from myself and the BTN as the CO was playing very aggressively and we were just waiting for him to bust against the big stack, however since he managed to build up his stack to not being the shortest stack, he has been folding every hand.

I ran some numbers and against the SB who is shoving 100% of hands here we have about 55% equity. Using traditional ICM analysis we should fold since our stack is either worth 282.39 USD 55% of the time or 0 USD 45% of the time and just folding gives us an ICM value of 179.57 (179.57 vs 155.3145 from shoving). However in this situation I will be the first player to be all in for the blinds, so I don't think we really have the luxury of waiting for a better spot, despite this being "$ minus EV". The way I see it, there is nothing we can do here but take our edge and risk busting. I'm just not sure if I am maybe missing something.