Not a fan of the preflop call, but moving on.....
Sometimes I bet here, sometimes I check on the flop. Let's look at the various merits of each and analyse what CO could be doing.
So it's checked to you on the button, CO could be doing a little pot control on the flop with a reasonable hand he wants to see the turn and river with, such as AT98 with the T
, he could also have a hand like AA, KK or QQ that has no redraw when he checks, obviously if he has something like T987 or 7654 then he has a reasonable draw he might not want to bloat.
So if we bet this flop it has to be full pot. Anything less on such a draw heavy board looks weak and might lead to a light check raise which puts us in an awkward spot (if we bet full pot and get check raised I expect it to be off a set or top 2 rather than a wrap hand since he must know we're not going anywhere).
If we check this flop, it gives us a hidden edge however. Let's say we check and a club hits, it's going to be hard for opponents to put us on the nuts, as who in their right mind would check a nut flush draw on the button after 2 opponents check in a bloated pot? We can probably bet full pot on turn and river and get called, since our line looks a little more like a naked ace than a nut flush.
We also can bluff the turn should an 8 or 9 hits. If we bet the flop it's going to be hard to represent the nuts should an 8 or 9 hit as it's not an obvious draw to bet on the flop (obviously our 2 blockers to the nuts can be bet on the turn, since you would check behind the flop with JT9 here).
Since we are 200 bets deep and I really expect BB to have our pair of jacks beat, I like either checking behind or betting full pot on the flop.
After we get check raised it puts us in a sick spot. We're flipping against T7, obviously a dog to a hand like TT (it's possible he checked the flop because he has hit it super hard and can afford for you to check behind, so it might be a hand like K :club:Q :heart:T :club:T 
My main problem with the hand is that your 2 jack outs might not be good vs something like T987 and even if he is bluffing, I expect him to have at least QQ + clubs. The only pocket pairs you beat are 99 and 88, both which I don't see making this play and the only draw you're ahead of is something like J :heart:T :club:9 :diamond:8
which is still pretty much a stone cold flip.
If you flat call this flop, you're pretty much giving your hand away, i'm not sure you're ever flatting here with a set, it's either reraise or fold on the flop, so a flat call must be a flush draw.
With this in mind I probably make a sick fold on the flop, because I am super deep in position on CO. If I stack off here where i'm flipping at best, I risk losing having position on someone 200 bets deep which I obviously really want.
So I think you do have fold equity if you check behind on the flop, but as played I don't think there is a straight card that can hit that he will fold if you bet the turn or river.