Source: Sixers trade Michael Carter-Williams and K.J. McDaniels

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Say goodbye to Michael Carter-Williams and K.J. McDaniels. 

Really.

According to a league source (UPDATE, 10:48 p.m: Trades are official), Carter-Williams, the reigning NBA rookie of the year, has been traded to the Milwaukee Bucks as part of a three-team deal that also includes the Phoenix Suns. The Sixers receive the Lakers' top-5 protected first-round pick from the Suns. If the pick is not conveyed in 2015, it is top-3 protected in 2016 and 2017 before being unprotected in 2018.

Also in the trade, Phoenix acquires Brandon Knight while Milwaukee gets Miles Plumlee and Tyler Ennis.

"I can't lie I'm shocked," Carter-Williams tweeted. "I love this city thank you for everything. I can honestly say I gave it my all. I wish Philly nothing but the best.

"What can I say is I'm excited to be a Buck! Time to work!"

Part of trade speculation almost since he became a Sixer, Carter-Williams is the fifth player in NBA history to win the Rookie of Year Award in one season and be traded in the next. Chris Webber (1994-95), Adrian Dantley (1977-78), Terry Dischinger (1963-64) and Ray Felix (1954-55). The 11th overall pick in 2013, Carter-Williams played in 111 games for the Sixers and has the franchise single-game record for steals with nine, which came in his NBA debut. In a little over a season, Carter-Williams averaged 16.0 points, 6.2 rebounds and 6.7 assists.

He notched three triple-doubles for the Sixers this season and two in his rookie year while the team went 2-22 without Carter-Williams in the lineup over the last two years.

The Sixers, in a separate deal, also traded rookie forward K.J. McDaniels to Houston for point guard Isaiah Canaan (6-0, 201) and a second-round pick.

McDaniels, the No. 32 pick from Clemson in last June's draft, signed a one-year non-guaranteed contract before the season that allows him to become a restricted free agent in the offseason.

In 52 games (15 starts) this season, McDaniels averaged 9.2 points, 3.8 rebounds and 1.3 blocks per game.

Drafted in the second round (34th overall) by Houston in 2013, Canaan has averaged 5.4 points and 1.1 assists in 13.2 minutes per game in his career. The former Murray State standout is shooting 38.5 percent from the field and 36 percent from three.

Carter-Williams and McDaniels appeared to be key parts of the Sixers' resurrection. So much for that.

Yahoo! Sports and ESPN.com were the first to report the deals, which came out in a frenzied rush as the league's deadline passed at 3 p.m.

CSNPhilly.com's John Finger and Andy Schwartz contributed to this report.

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