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| 2005-02-24 22:00:00 | New York Warriors | Dave Eustice | Acquired via trade | Roland Silliman | Atlanta Eels |
| 2005-02-22 02:52:40 | Buenos Aires Eagles | Brien Cardwell | Add/Drop | | |
| 2005-02-22 02:40:48 | Indianapolis Tornadoes | | Drop | Erik Carr | |
| 2005-02-21 13:08:38 | Edmonton SilverShoes | Chase Napper | Add/Drop | | |
| 2005-02-21 12:03:08 | Clarksville River Bandits | Darrick Meek | Add/Drop | | |
| 2005-02-19 23:57:20 | Denver Ferris Wheels | | Drop | Chucky Hand | |
| 2005-02-19 22:00:00 | Seattle Cougars | 3rd round pick in season 12 | Acquired via trade | 3rd round pick in season 12 | New Orleans Hurricanes |
| 2005-02-19 17:55:22 | Miami Macho Men | | Drop | Neal Cecil | |
| 2005-02-19 11:32:52 | Memphis Express | | Drop | Anthony Steinmetz | |
| 2005-02-19 11:27:18 | Salt Lake City Night Hawks | Alec Pfeiffer | Add/Drop | | |
| 2005-02-19 00:07:26 | Mexico City Aztecs | Woody Metry | Add/Drop | | |
| 2005-02-18 22:52:00 | Salt Lake City Night Hawks | 1st round pick in season 10 | Acquired via trade | Greg McDowell | Miami Macho Men |
| 2005-02-18 22:50:00 | Memphis Express | Vincent Barber | Acquired via trade | 1st round pick in season 11 | Sacramento Rainbow Trout |
| 2005-02-18 03:11:22 | Charlotte Rangers | Lennox Lamaster | Add/Drop | Emmett Rohmann | |
| 2005-02-17 23:00:00 | Cleveland Weasels | Leo Kemper | Acquired via trade | Luc Koch | Chicago Hilltoppers |
| 2005-02-17 23:00:00 | Cleveland Weasels | Roger Collier | Acquired via trade | Mel Miller | Chicago Hilltoppers |
| 2005-02-17 23:00:00 | Cleveland Weasels | Demetrius Keane | Acquired via trade | | Chicago Hilltoppers |
| 2005-02-17 23:00:00 | Cleveland Weasels | 1st round pick in season 10 | Acquired via trade | | Chicago Hilltoppers |
| 2005-02-17 23:00:00 | Cleveland Weasels | 1st round pick in season 11 | Acquired via trade | | Chicago Hilltoppers |
| 2005-02-17 15:59:06 | Calgary Cougars | Luc Francis | Add/Drop | Shantae Kays | |
| 2005-02-15 17:10:50 | Ottawa Mt. Hawks | | Drop | Timmy Jacobs | |
| 2005-02-15 12:23:16 | Seattle Cougars | Clinton Herman | Add/Drop | Paul Pirtle | |
| 2005-02-15 12:20:04 | Seattle Cougars | Todd Gossman | Add/Drop | | |
| 2005-02-15 00:24:22 | Edmonton SilverShoes | | Drop | Jared Sewell | |
| 2005-02-14 22:00:00 | Sacramento Rainbow Trout | 1st round pick in season 11 | Acquired via trade | Pervis Santos | Seattle Cougars |