Will Bucks and Hawks swap guards?

It is arguably the biggest remaining source of intrigue in NBA free agency outside of the Andrew Bynum saga:

This ever-evolving Point Guard Dance involving the Milwaukee Bucks and Atlanta Hawks.

As ESPN.com has reported on more than one occasion this month, Milwaukee and Atlanta have explored a variety of sign-and-trade scenarios involving unrestricted free agent Monta Ellis and restricted free agents Brandon Jennings and Jeff Teague.

The only certainty in the process, sources close to the situation continue to say, is that the Bucks have Teague at the top of their wish list. Sources said Wednesday that Milwaukee is readying an offer sheet for Teague that Atlanta would have just three days to match if the point guard actually signs it.

The mere threat of an offer sheet, though, could also trigger ramped-up talks between the Hawks and Bucks on the sign-and-trade front. Predicting where it goes from there, though, is troublesome in the extreme, given the mixed signals emanating from Atlanta about how interested -- or not -- the Hawks are in Ellis or Jennings in a sign-and-trade scenario.

The Bucks would happily do a sign-and-trade for Teague with either one of them. Yet it's likewise possible that the Hawks will pass on both if the latest rumbles in circulation about Atlanta's interest in free-agent point guard Mo Williams have weight.

UPDATE: As if this merry-go-round needed one more variable to muddle things, ESPN The Magazine's Chris Broussard reported Wednesday that Ellis has left longtime agent Jeff Fried and is expected to sign with Dan Fegan.