I'd consider coming hard after Hibbert on Day 1, with a Rondo-esque contract and see if Indiana blinks. They might prefer to let him go and use their considerable cap room elsewhere, or just plain stammer at giving out a big contract. No max deal, just a solid one.
Something like 4 years, $50M but front loaded as much as possible - make it cost more for Indiana now, and less for us a couple years in. $14M might be too rich for them right now, while in a couple of years $25M for Rondo + Hibbert still in their primes is pretty good value.
Wait another year, stockpile picks and rookie contracts, Pierce will be off the books (or traded to a contender), and we're talking about 2013 with something like:
Rondo, Hibbert, 2 1st rounders (2012), JJJ?, $35M to spend.
All this being said, I know Hibbert isn't a superstar... but if he managed to be a 13/10/2 center moving forward, healthy, and in his prime, I'm warm to the idea of having him and Rondo for basically the price of 1.5 max guys.