The Phoenix Suns officially waived guard Cole Anthony, the team announced Feb. 27.

The Suns (34-26) acquired Amir Coffey and Anthony from the Milwaukee Bucks in a three-team deal that sent Nick Richards to the Chicago Bulls and Nigel Hayes-Davis to the Bucks right before the Feb. 5 trade deadline.

Chicago dealt Ousmane Dieng to Milwaukee.

League sources informed The Arizona Republic multiple times after the trade the Suns were looking to waive Anthony. The 6-foot-2 guard averaged 6.7 points in 35 games this season for Milwaukee.

Anthony wasn't an ideal fit for the Suns, who already are guard heavy with Devin Booker, Jalen Green, Grayson Allen, Collin Gillespie, Jordan Goodwin and two-way player Jamaree Bouyea, sources informed The Republic.

This sets up a situation where the Suns could look to convert Bouyea's two-way deal into a standard contract. Phoenix has one spot open on its standard roster, which can have a maximum of 15 players.

Bouyea is drawing closer to reaching the maximum number of games a two-way contract player can be active. Averaging 6.5 points in 33 games, Bouyea has been active for 37 games. The max number is 50, but Bouyea has fewer games because he joined the Suns during the regular season.

Phoenix has 22 games remaining. The Suns resume action March 3 at Sacramento.

With Dillon Brooks (left hand fracture) scheduled for a re-evaluation in four to six weeks and Jordan Goodwin (left calf strain) set to be re-evaluated in one to two weeks, Bouyea will likely be needed for perimeter depth.

Milwaukee Bucks guard Cole Anthony (50) dribbles away from Chicago Bulls forward Dalen Terry (7) in the second half at Fiserv Forum on the evening of Feb. 3, 2026 in Milwaukee, Wisconsin.

Phoenix essentially made the trade to get below the luxury tax and land Coffey, who gives them size and experience on the perimeter, league sources informed The Republic. The trade put the Suns at $2.2 million below the tax.

Coffey has played 63 total minutes in Phoenix’s last three games, scoring 20 total points during that stretch.  

The trade has also proven to be an opportunity for Richards to play as he posted a double-double of 14 points and 10 rebounds in 27 minutes on Feb. 26 against the Portland Trail Blazers. Chicago lost the game, 121-112, at home. Richards was the third big in Phoenix, playing behind Mark Williams and Oso Ighodaro.

Suns coach Jordan Ott addressed the Anthony situation in his pregame news conference Feb. 26 before Phoenix stunned the Los Angeles Lakers, 113-110, at Mortgage Matchup Center. Royce O’Neale hit a game-winning 3 with 1.7 seconds left in the game.

Phoenix had been listing Anthony “not with team” on their injury report since the trade.

“There hasn't been much change, but we have had injuries and that's kind of where it's at,” Ott said. "That's why there hasn't been much change, but that's why it's not completely out. We'll continue to just stay in touch with his people and move this thing forward.”

The Suns won Thursday without Haywood Highsmith (right knee injury management), Booker (right hip strain), Brooks, Goodwin and Anthony.

Booker is scheduled for a re-evaluation this week. He missed the entire four-game homestand after straining his right hip in Phoenix's 121-94 loss Feb. 19 to the San Antonio Spurs in Austin.

Highsmith hasn't played all season after having right knee surgery last August. The Suns announced Feb. 21 that the 6-foot-5 forward will be re-evaluated in two to three weeks.

Have opinions about the current state of the Suns? Reach Suns Insider Duane Rankin at [email protected] or contact him at 480-810-5518. Follow him on X, formerly Twitter, at @DuaneRankin.

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This article originally appeared on Arizona Republic: Phoenix Suns finally waive guard Cole Anthony after trade