6:15pm: The league has opened an investigation of the reported sign-and-trade agreement between the Kings and Bucks, Marc Stein of the New York Times tweets.
The move was expected, as it gives Sacramento the right to match any offer for one of the more intriguing free agents on the market. He averaged 15.1 PPG, 3.4 RPG and 3.4 APG in 29.0 MPG last season and is a 37.4% career 3-point shooter.
Bogdanovic has been embroiled in controversy this week. Word leaked that the Bucks had reached a sign-and-trade agreement for Bogdanovic days before the start of free agency.
The teams hoped to bring Bogdanovic the framework of their proposed deal and negotiate his contract with Milwaukee on Friday. Instead, he decided to enter restricted free agency in search of an offer sheet or other sign-and-trade scenarios.
In that proposed deal, the Bucks would have received Bogdanovic and Justin James to Milwaukee in exchange for Ersan Ilyasova, D.J. Wilson, and Donte DiVincenzo. Milwaukee has decided to release Ilyasova, so a renewed effort to acquire Bogdanovic would require a restructured package.