That's where my head is at.
In all likelihood Sessions would still be Blake's understudy to start the season, as I'm sure Nate would be very reticent to inject a third year guy (and a newbie to the roster) into the starting lineup ... unless he blew Steve so far out of the water in training camp that the coaches had no other choice.
For the off-season I can see a couple of scenarios that could work:
Plan A:
Sign and trade Bayless for Sessions (or Sergio if they really wanted him, which I can't see) and run with a Sessions/Blake rotation and possibly draft a guy like Eric Maynor (if possible?) to fill your 3rd spot.
Plan B:
Sign Andre Miller and then make a decision on Blake and/or Jerryd as your backup. In this scenario I think you are hoping that Miller would somehow be able to groom Jerryd for the future, and there's a lot to like about that plan, but you wonder how well Miller is going to hold up given his age and there's still some question as to whether or not Bayless is the right fit.
Plan C:
Trade for somebody like Hinrich or whomever and let Bayless back him up and maybe draft a point guard as some emergency depth.
Plan F (as in failure) 
Nothing happens at all and we go through the same slog as last year with Blake as the starter, Sergio as his backup and Jerryd stews on the bench until he finally gets sick of it and demands a trade before the deadline.