Overplayed 88?

[critters]

Looking for comments re the hand below. My M=14. Here were my thoughts:

1- Decided to reraise CO raiser because I thought there was some fold equity. I can fold to a 4-bet by one of the blinds

2- But I cant shake the feeling that this hand was overplayed based on an M of 14



Full Tilt Poker
No Limit Holdem Tournament
Blinds: t80/t160
8 players
Converter


Stack sizes:
UTG: t5160
UTG+1: t4386
MP1: t6150
MP2: t1340
CO: t2900
Hero: t3315
SB: t4625
BB: t9490


Pre-flop: (8 players) Hero is Button with 8♣ 8♥
4 folds, CO raises to t450, Hero raises to t1300, 2 folds, CO raises all-in t2900, Hero calls t1600 (pot was t4440).


Flop: J♣ 7♣ K♥ (t6040, 1 player + 1 all-in - Main pot: t6040)



Turn: 5♥ (t6040, 1 player + 1 all-in - Main pot: t6040)



River: Q♦ (t6040, 1 player + 1 all-in - Main pot: t6040)



Results:
Final pot: t6040
Hero showed 8c 8h
CO showed Ah Qc

Results:
Final pot: t6040
Hero showed 8c 8h
CO showed Ah Qc