For the second time in about two and a half years and third time in four and a half years, the Suns and Bucks are involved in a significant trade with a point guard playing a key role.

Let's jump right in and break down the deal.

The terms...

Phoenix trades Eric Bledsoe to Milwaukee for Greg Monroe, a 2018 protected first-round pick and a 2018 second-round pick, per ESPN's Adrian Wojnarowski and Zach Lowe. The reported protections:

— First-rounder: Suns get Bucks' pick between Nos. 11-16 in 2018, Nos. 4-16 in 2019, Nos. 8-30 in 2020, pick becomes unprotected in 2021.

— Second-rounder: Suns get Bucks' pick between Nos. 48-60 in draft in 2018, pick doesn't carry over into 2019 if Bucks keep it.

The place to start here is Bledsoe. After beginning his career as a spark plug off the bench for the Clippers, he became a starter in Phoenix but still ended up playing quite a bit with other primary ball handlers, including Goran Dragic and Isaiah Thomas. That background will help the Bucks since, like Rookie of the Year Malcolm Brogdon, he should be able to play with and without Giannis Antetokounmpo.

Bledsoe’s 3-point shooting has varied from year to year (33.5 percent last year and 33.4 percent for his career, but 37.2 percent the season before), but last year he had a fairly common split by making substantially more of his catch-and-shoot 3-pointers than pull-up attempts. That discrepancy was 37 percent vs. 30.1 percent last year with his attempts evenly split between the two, but strangely Bledsoe actually shot better on pull-ups each of the prior two seasons.

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Defense has been a key part of Bledsoe’s reputation since entering the league due to his strength, athleticism and substantial wingspan (at least 6-7), which allows him to guard larger players. His effort on that end has waned somewhat in recent years, but that could be due to effort and the Suns’ largely hopeless situation.

Even so, Bledsoe has been a clear-cut starting caliber point guard during his time with the Suns with a case to be in the top half of the league. His ability to draw fouls has provided the foundation for offensive efficiency even as the jump shot comes and goes. Bledsoe has also been one of the better defensive rebounding point guards (seventh among point guards in rebounds per game last season), which could help the Bucks since they often struggle on the defensive glass.

One big question will be whether Bledsoe can regain his previous form in his late twenties. An improvement in defensive intensity seems possible (and maybe even likely) on a team with real expectations, but he has battled injuries for years and may not have that anymore.

(Getty Images/SN Illustration) https://images.daznservices.com/di/library/sporting_news/9b/55/eric-bledsoe-trade-bucks-jerseyjpg_1i82kexkd4gzr1g4uyi9fjlhlf.jpg?t=-1751625873&w=500&quality=80

The trade for the Bucks...

For Milwaukee, there are two key components to the trade: on the court and in the books. On the court, this is a massive win. Players as good as Bledsoe are not often available and rarely change teams for such a low cost. Last offseason, Atlanta received the 12th overall pick for Jeff Teague, and Indiana swapped Teague for George Hill, both of whom were on expiring contracts and eventually left their new teams. If he can stay on the court, Bledsoe could be better than both Hill and Teague, especially for the Bucks.

Despite having Antetokounmpo and Brodgon, the Bucks still needed capable, dynamic creators. This move allows them to have at least one and often two on the floor at any given time, likely creating cleaner looks for Khris Middleton, Thon Maker, Tony Snell, Mirza Teletovic and many others. The Bucks have only scored 99.4 points per 100 possessions with the "Greek Freak" off the court (105.7 last season — about two points fewer than with him), and that should improve however they use their new addition.

Bledsoe should also help Milwaukee’s defense since he can capably defend multiple positions and battle on switches. Coach Jason Kidd has needed to adjust his approach away from his blitzing system, and Bledsoe could be part of the impetus for that to happen, though it could take a new coach to maximize this talent.

The Bucks will also miss Greg Monroe, who was their best center last year and struggled to start this season, but that was likely due to a lingering calf injury Kidd said had been bothering him since training camp. That said, scoring centers are plentiful in the modern NBA, and Milwaukee can find another (potentially disgruntled 76ers center Jahlil Okafor) if John Henson and its other big men are insufficient.

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Financially, this trade is significant for Milwaukee in a few different ways. Most importantly, Bledsoe is under contract for $15 million next season, pushing the Bucks closer to the luxury tax currently estimated at $122 million for 2018-19. That puts even more pressure on Jabari Parker’s restricted free agency, but the Bucks should be able to utilize the extremely team-friendly process to their advantage. Even if he comes in at a high dollar figure, management could try to move Matthew Dellavedova ($9.6 million for two additional seasons), Henson ($10.6 million in 2018-19 and $9.7 million in 2019-20) or Teletovic ($10.5 million and expiring that season), or just stretch Teletovic to get breathing room.

While swapping Monroe and a first for Bledsoe adds to the Bucks’ 2018-19 ledger, it gives them breathing room this season. Monroe makes about $3 million more than Bledsoe, giving Milwaukee about $6 million in space below the tax line. The Bucks still have a $5 million trade exception from when they moved Roy Hibbert at the deadline and $7.6 million of their Mid-Level exception. Without many roster spots available, the front office could even just wait on using that money until buyout season and offer someone at the greatest position of need more than other suitors.

Getting a quality point guard for a late first-round pick and an expiring contract is a massive win for a team that was otherwise going to need to rely on internal improvement to become a serious contender.

The trade for the Suns...

It feels like Phoenix had to be able to do better than this. Monroe is a talented player but provides little value for a team that is not competitive this year. On top of that, the league is flush with offense-first centers, and Monroe’s $17.9 million salary makes many trades more complicated. The Suns’ best shot to get something on his part of this transaction would be to move him in a larger deal involving a partner with long-term money to dump, but owner Robert Sarver may not be willing to take on additional financial commitments without a serious asset return.

At this point, unless Milwaukee disappoints in one of the next two seasons, the first-round pick they convey should be in the second half of the 2020 draft, so it will be a more distant but still useful opportunity for the Suns to add another talented player. Even with the richer rookie scale, those choices have four years of cost control and restricted free agency after that, so front offices that choose wisely can benefit long-term.

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That is still a weak return for a talented player in his prime. Remember that Bledsoe only played in 66 games last season because Phoenix chose to sit him for the entire last month of the season. One higher-end asset at any position would have fit the Suns' eventual goals better than a talented center on an expensive expiring contract and a late first-round pick.

This offer or something like it would have been on the table later on, so taking it now before anyone got desperate for the best point guard on the trade market was a mistake.