Yep, if the Clippers end up in the same situation as the Wolves, it won't be good for them. There is a chance that they could be fined several million dollars and lose their first-round draft picks, although it's worth noting that they have almost none of them until 2030 anyway.
I think the worst-case scenario, although extremely unlikely, would be if the NBA voids Leonard's contract and forces Ballmer to sell the team.