If the Celtics trade Pierce for Smith, they are going to be committing to overpaying Smith next year.
That in many ways is one of the worse case scenarios for a team wanting to retool.
Yes and no, I guess it depends on how you envision handling Rondo and the rebuild. Do you hollow it out with just Rondo and try the FA market? Do you just use cap space to pick up assets and players, etc...
Paying Josh Smith isn't the worst thing for a team that already has Rondo. Though it does mean you have to be very careful to add shooters elsewhere.
My problem with trading Pierce or Rondo go Smith is that you then lose any negotiating power in the summer. You basically have to give Smith a max deal, unless he decides on his own to be generous.
You simply can't trade away the best young asset, or the face of the franchise for a rental, and Smith's agent knows that.
On the other hand, if you trade some combination of Green/Lee/Bass/Sully/Melo/Pick, then I think it gives you a little more room this summer to walk away if Smith holds firm on his demands. Yeah, you are giving up value for him, but not such critical pieces that the majority of fans would be THAT up in arms about.