[Laetus]

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I was thinking same as Laetus. He might have some worse draws. Problem is will he raise with those on this flop or only call?

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It's a good board to CB for you, so in his eyes a raise has it merits. And he has not to raise a worse draw very often to make a push decent. He can also have air in this spot sometimes.

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How much does having a 3rd player in the pot affect his air %?

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Very tough to say. Depends on how he views you and how the third guy is playing. But it decreases pretty much for sure. But my point was that there is some % of air is his range, which makes our push more +EV.