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| 2004-12-26 16:16:00 | San Antonio Brothas | Lamar Bryant | Acquired via trade | Nathaniel Keane | Philadelphia Assassins |
| 2004-12-26 16:16:00 | San Antonio Brothas | 2nd round pick in season 09 | Acquired via trade | | Philadelphia Assassins |
| 2004-12-26 16:14:00 | Sacramento Rainbow Trout | 3rd round pick in season 09 | Acquired via trade | 2nd round pick in season 10 | Portland Hipsters |
| 2004-12-26 16:12:00 | Sacramento Rainbow Trout | Jim Farmer | Acquired via trade | Gregor Kim | Phoenix Kangaroos |
| 2004-12-26 16:12:00 | Sacramento Rainbow Trout | Linus Ingle | Acquired via trade | | Phoenix Kangaroos |
| 2004-12-26 16:12:00 | Sacramento Rainbow Trout | 2nd round pick in season 10 | Acquired via trade | | Phoenix Kangaroos |
| 2004-12-26 16:10:00 | Sacramento Rainbow Trout | Eddie Pickett | Acquired via trade | Lorenzo Billings | Boston Bannerman |
| 2004-12-26 16:10:00 | Sacramento Rainbow Trout | Anton Lukas | Acquired via trade | Harley Hutchinson | Boston Bannerman |
| 2004-12-26 16:10:00 | Sacramento Rainbow Trout | Pervis Santos | Acquired via trade | 1st round pick in season 10 | Boston Bannerman |
| 2004-12-26 16:08:00 | Milwaukee Sundancers | Jackson Tabor | Acquired via trade | William Stith | Philadelphia Assassins |
| 2004-12-26 16:06:00 | New Orleans Hurricanes | Damien Childers | Acquired via trade | Samuel Zegart | New York Warriors |
| 2004-12-26 16:06:00 | New Orleans Hurricanes | Anthony Gerstle | Acquired via trade | Kareem Ingram | New York Warriors |
| 2004-12-26 16:06:00 | New Orleans Hurricanes | Ray Hamblin | Acquired via trade | | New York Warriors |
| 2004-12-26 16:06:00 | New Orleans Hurricanes | 2nd round pick in season 10 | Acquired via trade | | New York Warriors |
| 2004-12-26 16:06:00 | New Orleans Hurricanes | 2nd round pick in season 11 | Acquired via trade | | New York Warriors |
| 2004-12-26 16:02:00 | Las Vegas Dark Knights | 1st round pick in season 09 | Acquired via trade | 1st round pick in season 10 | Phoenix Kangaroos |
| 2004-12-26 16:02:00 | Los Angeles Cacti | 3rd round pick in season 10 | Acquired via trade | 3rd round pick in season 09 | New York Warriors |
| 2004-12-26 16:00:00 | San Antonio Brothas | Lamar Bryant | Acquired via trade | Nathaniel Keane | Philadelphia Assassins |
| 2004-12-26 16:00:00 | San Antonio Brothas | 2nd round pick in season 09 | Acquired via trade | | Philadelphia Assassins |
| 2004-12-26 10:23:02 | Winnipeg Warriors | Jesse Williams | Add/Drop | | |
| 2004-12-26 06:40:08 | San Juan Devils | Richard Hillerich | Add/Drop | | |
| 2004-12-26 06:38:28 | San Juan Devils | Damian Webb | Add/Drop | | |
| 2004-12-26 05:00:00 | San Antonio Brothas | 1st round pick in season 10 | Acquired via trade | | Philadelphia Assassins |
| 2004-12-26 05:00:00 | Kansas City Wildcats | Oliver Veal | Acquired via trade | | San Antonio Brothas |
| 2004-12-26 05:00:00 | Kansas City Wildcats | Armon Lang | Acquired via trade | | San Antonio Brothas |