Milwaukee will receive Ellis, Ekpe Udoh and Kwame Brown in the deal, while Golden State winds up with Bogut and swingman Stephen Jackson.
It's a deal that has many scratching their heads, as almost nobody thought this would be the first domino to fall, but there are a lot of reasons not to like this for one of the parties involved.
Let's explore the deal.
There are rightfully a ton of questions about whether Monta Ellis can thrive alongside Brandon Jennings in Milwaukee's backcourt, but we're talking about the move solely from Ellis' point of view.
He'll be able to go to Milwaukee and get a fresh start after having been subjected to constant trade rumors in recent seasons with the Warriors, and he'll quickly be embraced by Bucks fans.
There is no doubt Ellis will be looking to push the Bucks over the hump and into the postseason, and it's entirely possible he'll be able to do exactly that.
It's strange to see anyone call into question what Ekpe Udoh will be able to do under Scott Skiles, but Milwaukee's head coach is going to love this kid.
A hard-nosed defender who is a real energy guy, Udoh will be given the chance to earn minutes in the Bucks' rotation as soon as he joins the fold.
The Bucks got a cost-controlled asset in a big man who can immediately contribute, and Udoh won't need to wait nearly as long for his opportunity with the Bucks as he did with the Warriors.
Kwame Brown is sidelined with a pectoral injury, and it's doubtful that he'll be ready to return to play at all for Milwaukee this season.
After signing a one-year, $7 million deal in the offseason, the center lasted just nine games before going down with an injury.
His contract will act as cap relief for the Bucks at season's end, and it's highly unlikely his future is in Milwaukee, with both Drew Gooden and Ekpe Udoh on long-term deals.
After Andrew Bogut had reportedly asked for a trade, the former No. 1 overall selection got his wish and will now be headed to the Warriors.
It's nice that he's now headed elsewhere, but Bogut will face an uphill battle in returning this season, as he's currently sidelined with an ankle injury and is going to a Golden State team without a ton of talent.
He'll have the chance to be the focal point of the attack when he's back on the court and healthy, but he's entering a situation eerily similar to where he stood with Milwaukee and may not be a happy camper for long.
It's not a secret that Stephen Jackson and Scott Skiles didn't see eye to eye during Captain Jack's brief tenure with the Bucks, and he's surely thrilled that he'll be headed out of town.
The irony in his return to the Warriors is nothing short of incredible, and he's not going to be bought out of his current contract.
It'll be very interesting to see what type of production the veteran is capable of in his new surroundings, but it's hard to understand why the Warriors would bite on his poisonous contract.
Jackson makes over $10 million in 2012-13.
The Brandon Jennings-Monta Ellis tandem will undoubtedly go through some sort of an adjustment period, but this is the best deal Milwaukee was going to get in exchange for Andrew Bogut.
The Bucks can certainly make a strong push for a playoff berth with the addition of Ellis and Ekpe Udoh, while the team did very well to ship out a player in Stephen Jackson who has been disgruntled all season.
Andrew Bogut is a phenomenally talented center when he's healthy and on the court, but he hasn't played in a full slate of regular-season games since his rookie season, and there are serious concerns about his long-term durability.
The Warriors addressed the quest to finally add a talented big man in Andrew Bogut, but the team did so at a monumental cost.
Bogut will slide in nicely and complement David Lee well when the center is able to return to action, but the big man won't replace the offense nor the perimeter shooting that Monta Ellis brought to the fold.
Ekpe Udoh has really been playing well of late, and to lose him in the deal is tough, as Golden State is really banking on Bogut in a big way for this trade to make any sort of sense for the long haul.
It's difficult to understand what the vision in the Warriors' front office is at this time.