Reports: Bucks reach deals to acquire Jrue Holiday from Pelicans, Bogdan Bogdanovic from Kings

What promises to be a wild NBA offseason has just gotten underway, and another big name is already on the move.

The Milwaukee Bucks were finalizing a deal to acquire guard Jrue Holiday from the New Orleans Pelicans, according to multiple reports Monday night. ESPN and The Athletic reported the Pelicans will receive guards Eric Bledsoe and George Hill, plus three future first-round picks in return.

Milwaukee wasn't done. The Bucks then reportedly reached a deal to acquire guard/forward Bogdan Bogdanovic from the Sacramento Kings in a sign-and-trade. According to ESPN, the Bucks are sending Donte DiVincenzo, Ersan Ilyasova and D.J. Wilson to the Kings.

The deals come at the beginning of a critical offseason for the Bucks, who have had the best record in the league each of the past two years but have failed to reach the NBA Finals. Two-time reigning MVP Giannis Antetokounmpo is eligible to sign a super-max contract extension before the upcoming season, and the franchise has made it a top priority to surround its superstar with the talent to convince him to stay in Milwaukee long-term.

If Antetokounmpo declines to sign an extension, he would become a free agent next summer, when he would undoubtedly be the top prize on the market.

Holiday, 30, averaged 19.1 points, 6.7 assists, 4.8 rebounds and 1.6 steals in 61 games for the Pelicans last season. One of the best perimeter defenders in the league, Holiday is a two-time All-Defensive team selection. He is under contract for this coming season at $25.4 million and has a player option for 2021-22 at $26.3 million.

Bogdanovic, 28, averaged 15.1 points per game last season as the Kings' sixth man. A career 37.4% shooter from 3-point range, Bogdanovic is a reliable outside option for a team that likes to bomb away from deep. Milwaukee took 38.9 attempts per game from 3-point range last season, fourth-most in the league.

New Orleans adds to its stockpile of assets with the trade. A year after dealing Anthony Davis to the Los Angeles Lakers for a haul of young players and picks, the Pelicans have an even stronger foundation upon which to rebuild.

In addition to the three first-round picks, the Pelicans will also receive two pick swaps from the Bucks. New Orleans has two Lakers first-round picks remaining from the Davis trade, as well as two pick swaps from Los Angeles.

Bledsoe, 30, averaged 16.3 points, 5.3 assists and 1.5 steals in two-plus seasons with the Bucks since being acquired from the Phoenix Suns in November 2017. However, he has struggled to carry that success over to the postseason the last three years and his production has fallen off precipitously.

Hill, 34, has been a key role player throughout his 12-year career, including the last two with Milwaukee. This past season, he averaged 9.4 points per game and led the NBA in 3-point shooting at 46%.

DiVincenzo, 23, is the Kings' big prize in their trade. The former first-round pick averaged 9.2 points in 23 minutes per game last season and improved his numbers across the board.