The pundit has been discussing the Reds goalkeeper.
And the pundit feels Mignolet's Capital One Cup final display - where three world-class saves came with a massive blunder (the classic Mignolet package) - sums the shot stopper up in a nutshell.
Pearce told Sky Sports News on Monday morning: "If you take the goal out, he was the best player on the pitch. But you can’t do that.
"The best teams all had great goalkeepers but, in the Premier League, he’s probably about halfway up, behind [Jack] Butland, behind [Joe] Hart, [David] De Gea and more."
As much heroism as Mignolet showed in the aftermath of his error at Wembley, his continual stuttering at key moments will simply continue to cost Liverpool.
Is that just the Reds' reward for handing a struggling player a five-year contract?
Mignolet has shown absolutely zero improvement when it comes to his weak areas since his first day at Anfield. Yes, he remains a phenomenal shot stopper - just as he was at Sunderland.
But why do anything - not just in football - for a living if you will only stick to one good area and not bother working on the others?
Unfortunately for the Liverpool man, goalkeeping isn't just about reflex saves. There's catching, handling, dealing with crosses, commanding your box and far more...