If the plasmid has been incorporated by the cell, both protein complexes should be synthesized.
Both protein-complexes are supposed to attach because p14* and Bfc3 are interacting proteins.
The TEV-protease is supposed to cut the recognition sites. Now the protein of interest (eGFP) is split apart and the N-terminus of the N-degron is uncovered. This is a signal for the cell to deplete the protein complex. So all protein should be destroyed except the protein of interest.
If no plasmid has been incorporated, the cell will die because of Bak.