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| 2004-10-28 23:20:00 | Sacramento Rainbow Trout | Hank Dicken | Acquired via trade | Jackson Tabor | Milwaukee Sundancers |
| 2004-10-28 23:20:00 | Sacramento Rainbow Trout | Shantae Jansen | Acquired via trade | | Milwaukee Sundancers |
| 2004-10-28 13:29:02 | Birmingham Venom | | Drop | Xavier Beck | |
| 2004-10-26 23:14:46 | Clarksville River Bandits | Mitchell Hart | Add/Drop | | |
| 2004-10-26 16:51:04 | Caracas Crocodiles | Ken Rodgers | Add/Drop | Rick Polk | |
| 2004-10-26 16:46:40 | Caracas Crocodiles | Roderick Summitt | Add/Drop | Chad Jecker | |
| 2004-10-26 10:04:44 | Toronto Huskies | Al Mabry | Add/Drop | Janson Knapp | |
| 2004-10-26 04:38:02 | Orlando Bombers | Timmy Brown | Add/Drop | | |
| 2004-10-25 22:50:00 | Miami Macho Men | Jesse Hart | Acquired via trade | Neil Ulmer | Salt Lake City Night Hawks |
| 2004-10-25 22:50:00 | Miami Macho Men | 3rd round pick in season 09 | Acquired via trade | | Salt Lake City Night Hawks |
| 2004-10-25 22:40:00 | Philadelphia Assassins | Spencer Downey | Acquired via trade | Antonio Klein | Los Angeles Cacti |
| 2004-10-25 22:40:00 | Boston Bannerman | Madden Marquette | Acquired via trade | Pablo Macklin | Los Angeles Cacti |
| 2004-10-25 22:40:00 | Boston Bannerman | Isiah Simms | Acquired via trade | 3rd round pick in season 10 | Philadelphia Assassins |
| 2004-10-25 15:04:58 | Winnipeg Warriors | | Drop | William Stokes | |
| 2004-10-24 15:49:24 | Cleveland Weasels | | Drop | Nate Harris | |
| 2004-10-24 12:02:04 | Nashville Night Owls | | Drop | Denzel Johns | |
| 2004-10-23 22:44:00 | Los Angeles Cacti | Lenny Ebel | Acquired via trade | Dominic Clinton | Cleveland Weasels |
| 2004-10-23 22:44:00 | Los Angeles Cacti | 2nd round pick in season 11 | Acquired via trade | | Cleveland Weasels |
| 2004-10-23 22:42:00 | Los Angeles Cacti | Eddie Pickett | Acquired via trade | Hank Dicken | Milwaukee Sundancers |
| 2004-10-23 22:40:00 | New Orleans Hurricanes | 2nd round pick in season 10 | Acquired via trade | Tristan Rehm | Cleveland Weasels |
| 2004-10-22 23:48:18 | Portland Hipsters | Ronnie Stamper | Add/Drop | | |
| 2004-10-22 11:47:28 | Calgary Cougars | Monte Case | Add/Drop | | |
| 2004-10-22 03:02:38 | San Antonio Brothas | | Drop | Denny Cole | |
| 2004-10-21 22:26:00 | San Antonio Brothas | Lonnie Buckner | Acquired via trade | 2nd round pick in season 10 | Orlando Bombers |
| 2004-10-21 22:24:00 | Philadelphia Assassins | Antonio Klein | Acquired via trade | Stewart Fraser | Atlanta Eels |