$200 spread limit - QQ on a rag flop

[kevdawg21]

This hand happened about a week ago at the club I play at in San Jose. The game is 5-200 spread limit. Max buy-in is $200. Blinds are 3/5.

I'm a regular in this game, and i'm regarded as a solid player. The villian is also a regular. He's a bit laggish, and typically prefers smaller bets. We've been playing in this game for about 2 hours, and we've only really tangled twice. In the first hand, he made a big overbet on an ace hi flop with 88, and I called him all in with a weak ace. In the second hand, he made a small early position raise, I made a strong reraise with AA. Another player went all-in, villian folded and I called and my aces held.

When this hand takes place, we're both deep stacked. I have about $500, and he has about $700. Most stacks are between $150 and $300. BB is $5. He is UTG+1, and i'm CO.

Villian raises to $10. Two players call. I reraise to $50. Villian calls. Both other players fold. Pot is at $125.

Flop comes 8 7 3, rainbow. He leads for the maximum, $200.

What should I do here? He knows I probably have a big pair. Is this a move? Does he have AK, and his plan was to smash a missed flop? Does he think I have AK? Does he have a bigger pair and was slowplaying pf with his smooth call? Or does he have JJ-99?