|
| 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 |
| 2004-12-26 05:00:00 | Kansas City Wildcats | Glendon Collard | Acquired via trade | 1st round pick in season 09 | Philadelphia Assassins |
| 2004-12-26 05:00:00 | Kansas City Wildcats | Mathew Mudd | Acquired via trade | Dennis Irvin | Philadelphia Assassins |
| 2004-12-26 03:44:30 | Las Vegas Dark Knights | | Drop | Harlan Daher | |
| 2004-12-26 03:21:20 | Cleveland Weasels | | Drop | Darrick Harned | |
| 2004-12-26 03:17:58 | Cleveland Weasels | | Drop | Russ Maier | |