Based on your comment, you are basedlocated in the United States.
If I were you, I would not resign. I would continue doing my job and give the best performance I could (Edit: Exactly for getting unemployment benefits - See first comment), then search for and secure a job ASAP, until. Until they decideddecide to fire me. Do not
At this point, do NOT do what they are asking you to do. And once they fire you leave and take your experience and performance review/records with you, apply for unemployment benefits and get paid while finding the next job.
Now for the team, I would not pull my issues with my manager into the team. Don't tell the team anything and if you get fired, leave this worry behind and let the management figure out what to do and how to tell the team.
If for any reason you have to tell your team, I would just send an email. Something like this would work:
Team,
I have been asked to leave and effective last day is xx/xx/xxxx. It was my pleasure meeting and working with each one of you. Please let me know if you have any questions and I will be more than happy to help before I leave.