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| 2004-12-24 09:10:00 | Louisville Colonels | Antonio Klein | Acquired via trade | | Los Angeles Cacti |
| 2004-12-24 09:10:00 | Louisville Colonels | Darrell Esarey | Acquired via trade | | Los Angeles Cacti |
| 2004-12-24 09:08:00 | San Antonio Brothas | Nathaniel Keane | Acquired via trade | Erwin Crook | Milwaukee Sundancers |
| 2004-12-24 09:06:00 | Boston Bannerman | Eddie Pickett | Acquired via trade | Gino Watson | Los Angeles Cacti |
| 2004-12-24 09:06:00 | Boston Bannerman | Pervis Santos | Acquired via trade | 1st round pick in season 09 | Los Angeles Cacti |
| 2004-12-24 09:04:00 | Portland Hipsters | Kevin Fury | Acquired via trade | 1st round pick in season 10 | Los Angeles Cacti |
| 2004-12-24 09:04:00 | Portland Hipsters | 2nd round pick in season 10 | Acquired via trade | | Los Angeles Cacti |
| 2004-12-24 09:04:00 | Portland Hipsters | Chandler Magers | Acquired via trade | | Los Angeles Cacti |
| 2004-12-24 09:02:00 | Milwaukee Sundancers | Travis McCubbins | Acquired via trade | 1st round pick in season 10 | Philadelphia Assassins |
| 2004-12-24 09:02:00 | Milwaukee Sundancers | William Stith | Acquired via trade | | Philadelphia Assassins |
| 2004-12-24 09:00:00 | Philadelphia Assassins | Jackson Tabor | Acquired via trade | Woodrow James | San Antonio Brothas |
| 2004-12-24 09:00:00 | Philadelphia Assassins | Thomas Flutie | Acquired via trade | Jed Dunaway | San Antonio Brothas |
| 2004-12-20 01:40:00 | Seattle Cougars | Alan Abel | Acquired via trade | | Los Angeles Cacti |
| 2004-12-20 01:40:00 | Phoenix Kangaroos | 1st round pick in season 10 | Acquired via trade | | Seattle Cougars |
| 2004-12-20 01:40:00 | Los Angeles Cacti | Dion Derr | Acquired via trade | 1st round pick in season 10 | Phoenix Kangaroos |
| 2004-12-20 01:40:00 | Los Angeles Cacti | Pervis Santos | Acquired via trade | | Phoenix Kangaroos |
| 2004-11-09 16:39:10 | Tampa Runner-ups | Freddie Ringo | Add/Drop | | |
| 2004-11-06 15:29:52 | Cleveland Weasels | | Drop | Elden Peak | |
| 2004-11-03 18:25:32 | Caracas Crocodiles | | Drop | Vincent Gernert | |
| 2004-11-02 17:37:22 | Chicago Hilltoppers | Dennis Roberson | Add/Drop | Wyatt Wells | |
| 2004-11-02 07:53:08 | Santa Fe Zeppelins | Pooh Ratliff | Add/Drop | | |
| 2004-11-01 23:34:50 | Edmonton SilverShoes | Jared Sewell | Add/Drop | Brady Dunaway | |
| 2004-11-01 23:17:30 | Detroit Gear Daddies | Morty Todd | Add/Drop | | |
| 2004-11-01 20:06:06 | Indianapolis Tornadoes | | Drop | James Roman | |
| 2004-11-01 19:17:48 | Calgary Cougars | Robert Kempf | Add/Drop | | |