I don't think the trade goes down.
Clippers have to take Terry or Lee, meaning they would be over the tax line ($67 million between blake, jamal, bledsoe, CP3, Lee, Garnett, Butler). Then they won't have a mid-level exception with which to sign Pierce once over the tax line.
They'd have to give up Caron Butler too to make that work, although if they give up Caron, then they won't be able to trade Bledsoe for what they want (someone who makes more than $2 million dollars), cause they wouldn't have any salary filler to add to the trade. Although I suppose they could package Bledsoe with Jamal Crawford.