The debate over the NBA's anniversary team rages on ... this time Tracy McGrady has big beef with the list -- saying he believes it's insane that Anthony Davis made the squad over Dwight Howard.

“You're trying to tell me if Anthony Davis was to retire right now he has a better career than Dwight Howard?!" McGrady said this week. "No way."

The former NBA superstar went in on the NBA 75th Anniversary Team to Sports Illustrated ... saying Howard's exclusion from the list is a straight-up "travesty."

"Dwight Howard deserves to be on that list," McGrady said. "For eight straight years that kid was extremely dominant. And I just can't believe some of the guys they have on the list."