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| 2005-01-03 06:56:20 | Charlotte Rangers | Kurt Guenthner | Add/Drop | Miguel Hardin | |
| 2005-01-03 05:35:40 | Louisville Colonels | | Drop | Ray Downes | |
| 2005-01-03 05:28:28 | Toronto Huskies | Parker Humphrey | Add/Drop | | |
| 2005-01-03 04:33:12 | Syracuse River Rats | | Drop | Ricky Zoeller | |
| 2005-01-03 04:27:02 | Syracuse River Rats | Geoff Crump | Add/Drop | Irwin Roberts | |
| 2005-01-03 03:25:04 | Seattle Cougars | Wayne Kidd | Add/Drop | | |
| 2005-01-03 03:17:56 | Houston Octopods | | Drop | Dwayne Culver | |
| 2005-01-03 03:13:20 | Seattle Cougars | Rod Florence | Add/Drop | | |
| 2005-01-03 03:11:16 | Detroit Gear Daddies | | Drop | Kaleb Gold | |
| 2005-01-03 02:09:02 | Syracuse River Rats | | Drop | Dominic Ruhl | |
| 2005-01-03 02:08:08 | Milwaukee Sundancers | | Drop | Clinton Herman | |
| 2005-01-03 02:07:24 | Milwaukee Sundancers | | Drop | Lee Washburn | |
| 2005-01-03 02:04:36 | Syracuse River Rats | | Drop | Javier Nett | |
| 2005-01-02 22:08:00 | Houston Octopods | Adam Odle | Acquired via trade | 1st round pick in season 11 | Seattle Cougars |
| 2005-01-02 22:08:00 | Houston Octopods | Sharone Hartley | Acquired via trade | Lamont Hayden | Seattle Cougars |
| 2005-01-02 22:08:00 | Houston Octopods | Franklin Wooden | Acquired via trade | | Seattle Cougars |
| 2005-01-02 22:06:00 | Las Vegas Dark Knights | 2nd round pick in season 10 | Acquired via trade | Elias Goodin | Los Angeles Cacti |
| 2005-01-02 22:06:00 | Las Vegas Dark Knights | Colby Dant | Acquired via trade | | Los Angeles Cacti |
| 2005-01-02 22:04:00 | Indianapolis Tornadoes | Jerald Barnett | Acquired via trade | 1st round pick in season 11 | Boston Bannerman |
| 2005-01-02 22:04:00 | Indianapolis Tornadoes | Cade Hyatt | Acquired via trade | | Boston Bannerman |
| 2005-01-02 22:02:00 | Chicago Hilltoppers | 2nd round pick in season 11 | Acquired via trade | Duane Larmee | Cleveland Weasels |
| 2005-01-02 22:00:00 | Salt Lake City Night Hawks | 1st round pick in season 10 | Acquired via trade | Robbie Joyce | Atlanta Eels |
| 2005-01-02 12:54:30 | Charlotte Rangers | | Drop | Tariq Dougherty | |
| 2005-01-02 04:58:38 | Portland Hipsters | | Drop | Wilt Lincoln | |
| 2005-01-02 04:47:54 | Nashville Night Owls | | Drop | Alton Hilton | |