I really like the kid. He always played hard, appeared to be a good "team" guy.
He obviously wasn't a long-term answer at PG. I think everyone was hoping he would be just enough to get through the season/ until a real PG is acquired. I wish him the best, and hope he finds a permanent home as a backup on a decent team.
I am guessing that the Suns decided to either play the young PGs and see what they have or a trade for a starting PG is coming.
In either scenario, there is just no minutes for Canaan. They may have asked him if he wanted to sit on the bench or get released so he can look for a new home, and he didn't want to sit on the bench.