The Portland Trail Blazers went into Thursday’s NBA trade deadline with an outside chance of making the playoffs, and left with absolutely no chance.

After dealing away Gerald Wallace and Marcus Camby the Blazers left no wiggle room in their season – this is now officially a rebuilding year for Portland.

Nate McMillan has been on the hot seat off and on for a while, and the Blazers’ inconsistent play this season has had him under even more scrutiny than usual. While playing reasonably well at home, the Blazers have been simply awful on the road, and last night’s debacle in New York was bound to cost him his job. Portland was down 25-12 after the first quarter and never even put up a fight, ultimately allowing 43 points in the fourth quarter of a 79-121 loss.

McMillan was in his seventh season with the Blazers, having compiled a 266-269 record and survived major franchise-changing injuries to both Brandon Roy and Greg Oden.

After their moves today the Blazers are looking at a significant rebuild this summer and that will happen under a new head coach.

Assistant coach Kaleb Canales has been named the Blazers’ interim coach for the remainder of the season.