[MicroBob]

mcmelchior - if there's typically an overlay as he states then it's not really even a 20+5. Obviously it's better than that.

I argue that there is more skill to playing these short-stack situations than people realize. Lots of people screw this up and/or fail to take advantage of situations.

I agree with a lot of what nickmpk had to say. You can sit back and let the others drop out.
Everyone here seems so focused on "OMG...you only have 5.5 BB's!!" when really the aspect of "12 out of 17 players have 2 BB's or less" (or whatever it is) is equally if not more important.

You could play a little while longer and let 3 or 4 more players bust-out and then take a chop at 12 players or something if you want.
One conservative way to go about this strategy would be similar to the turbo-super-sat route where you just sit there and wait and maybe only play QQ-AA or whatever.
When it's 1 or 2 hands from being your big-blind then you can consider again whether you want to try to agree to the chop or not.

This chop may actually have been close to correct in some situations.
If everyone else from 5th through 17th has 4.5 BB's and if OP is going to be in the BB on the next hand for example. He would be then be down to 3.5BB's after playing the blinds IF he decides not to go all-in and then would be behind all the other players.

When the blinds are going to go up and by how much is also important to analyze. If the blinds will go up right after they pass him then this could really kill off some of those shorter stacks while he just sits and watches the carnage. If the blinds aren't going up until approximatel when it's his turn to pay them again then he might be wise to chop now...or maybe to try to wait right until that moment that it definitely becomes -EV for him to keep playing.

I mean, there's so much stuff going on in these things and I think a lot of the players don't consider them at all (afterall, the chip-leader agreed to an even chop which tells you something) and I really believe there's a ton that you can take advantage of here.

I've always believes that intelligent deal-making in these things can make up a ton for the crappy vig. In a situation like this you have an opportunity to take a deal when the situation is favorable and to turn it down when you still are looking pretty good.
It doesn't get much better than that.
Oh wait, yes it does. If there's an overlay in the prize-pool on top of it all then it has gotten even better.