To be honest, I could see the value for the Bucks...because Felton is good and he's an uptempo player, fit to play with Ellis...as long as he doesn't chuck...that and they're not just giving up on potential with Jennings. He wasn't extended and I think if they really wanted him they would have extended him during that window. He's also not a good fit and his trade value can't be that high right now...that backcourt is awful. Also, Felton is still young.
Would Portland Cupcake Felton be a good fit in Mil?
It would make both teams worse. Not only that, but it would make both teams *much* worse. It would turn both teams into incurably mediocre zero-upside teams whose fans would be stupid not to despair.
NY has Melo and JR Smith. They are only just held together by good coaching and veteran presence. If you have a backcourt of Melo, JR, and Jennings... it would be really, really ugly. A total mess.
Meanwhile, Jennings is integral to Bucks' fans modest optimism. They're on a gradual increase and have been for a while. Very gradual, but still continuing. They'd be giving away their best prospect for a player who is mediocre at best, and inconsistent and sloppy on top of that. He works as a part of New York's whole, but it's tough to see him working anywhere that doesn't have a great system and a solid all-around roster.
The Bucks just need to trade Ellis for a veteran and a lottery pick; or, a veteran and a couple non-lottery picks. Do you think San Antonio would bite?
As for New York, they have the most improbable and magical chemistry going. If you change any one element the whole thing could explode and burn the lab to the ground. And Felton and the Knicks totally work with each other. I can't see either one without the other. It's like the Spurs and Tony Parker. It's simply where he belongs.