Wood, 23, hadn't found a way to crack the Bucks' well-stocked frontcourt rotation despite a breakout run at Summer League and a strong showing in the G League this season.
In 28 appearances with the Wisconsin Herd, the 6-foot-11 big man averaged 29.3 points, 14.1 rebounds, 2.4 assists, 2.2 blocks, and 1.1 steals per game while shooting 55.9 percent from the field. If he's claimed, Wood won't be able to play for his new team beyond the regular season, as he remained on the Bucks' roster beyond the March 1 playoff-eligibility waiver deadline.
Frazier was one of the Bucks' final preseason cuts in October. After being claimed by the New Orleans Pelicans, the 28-year-old put up five points and 4.4 assists in just over 19 minutes per game. As the Pelicans waived Frazier on Feb. 28, he'll be eligible to play for the Bucks in the playoffs.