"It is with profound sadness that we announce that our adored husband, father and grandfather Wes Unseld passed away peacefully this morning surrounded by his family following lengthy health battles, most recently with pneumonia," Unfeld's family said in a statement.

"He was the rock of our family -- an extremely devoted patriarch who reveled in being with his wife, children friends and teammates."

Unseld was the #2 overall pick in the 1968 NBA Draft and played his entire career with the Bullets ... and won ROTY and MVP in his first season in the league. The only other player to win both awards in the same season was Wilt Chamberlain.

He went on to win an NBA title and Finals MVP in 1978 and made 5 All-Star appearances.

The family continued ... "He was our hero and loved playing and working around the game of basketball for the cities of Baltimore and Washington, D.C., cities he proudly wore on his chest for so many years."

NBA champ Kevin Love -- whose middle name is Wesley in honor of Unseld -- spoke about the loss, saying, "Proud to be named after such a great man. A Legend and a Leader."

"Wes, you will be missed by the NBA family and all people who’s lives you touched. Rest In Peace."

Unseld's #41 jersey was retired after his retirement in 1981 ... and he went on to coach the Bullets from 1988-94. He was inducted into the Naismith Memorial Basketball Hall of Fame in 1988.

Unseld is survived by his son, daughter, daughter-in-law, grandchildren and wife of 50 years, Connie.