SemiFT, 10 left, 5 paid.

UTG: 200k
CO: 150k
BU: 130k
SB: 95k
BB: 55k

Blinds 2.5k/5k
Ante BB 5k

UTG: raise 11k
CO: fold
BU: call
SB [A9]: raise 35k
BB: fold
UTG: all-in
BU: fold
SB: ?

With 19BB effective you should either fold or rejam. A small 3-bet is terrible, because it invites the original raiser to 4-bet, and now you hate both your options. If you fold, you lost almost 40% of your stack without even seeing a flop, and if you call, you are crushed by his range and likely to miss out on the payjump, which usually is associated with making the final table. My range for rejamming in this situation would be fairly snug, since you are attacking the chip leader, and he is opening from HJ, which is the earliest position 5-ways. I would rejam something like 88+, AJ+, ATs, KQs. Everything else I just fold and try to make it to the final table.

Yep.

Fold or shove pre; unless UTG has just been raising any two for this FT bubble stretch I lean fold.

Exactly. If UTG has been completely out of line as the table "chip bully", then maybe we can widen our range to include a hand like A9o, but in that case we should rejam it to take the play away from him. But generally speaking this is a spot, where hero is mid-stacked, even though he is the second shortest stack on the table, and in that situation we should tighten up. If Hero fold, there is a chance, the short stack in BB defends, and that the chip leader bust him. Or chip away at him, if he call pre and then fold post. So we just should fold and let the chip leader do the dirty work of trying to bust the short stack for us. This is even more the case, if there were other short stacks at the second table.

Thanks, I see your points.
Actually 5 people ITM, stated it in initial post, but it could be easy to miss.
I wonder if you guys still prefer fold when there is no real bubble or pay jump in consideration.
I'll try to analyse it with ranges later.

Yeah I missed the point about 5 places paying. That far from the money and being a below average stack ICM is not that significant for you, and then you can rejam a bit wider, but still not 3-bet small with a hand like A9o.