I only see this as a win-win situation for the Bills. Our interest has already cause MIA to sign a new TE and discard key starters. Even if they eventually get him, he's going to be a very expensive signing for a team that already has a TE. This will hand-cuff them for the coming years, especially when it comes time to extend Tannenhill.
As for us, Clay is not an elite TE. We can likely draft someone decent enough in the 2nd round.