I believe it will drop the trip in the next bid period. ALPA put something out on “how to optimize your schedule” and one of the methods suggested to get the 4th of July off as a junior pilot was to bid off at the end of June and then bid a trip that begins in the July bid period that covers the 4th. Then wait until you can WS a trip in June that conflicts with the July trip and voila you have the 4th off. Be careful to have enough hours available in June so that you don’t exceed the WS pickup limit and foil your plan.