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| 2004-05-06 20:02:00 | Phoenix Kangaroos | 2nd round pick in season 09 | Acquired via trade | Daniel Ruhl | Atlanta Eels |
| 2004-05-06 20:00:00 | Philadelphia Assassins | Eddie Pickett | Acquired via trade | Joe Miller | Phoenix Kangaroos |
| 2004-05-06 07:39:30 | Jacksonville Speed | | Drop | Peter Hodges | |
| 2004-05-06 07:37:34 | Jacksonville Speed | | Drop | Charles Mayer | |
| 2004-05-06 07:35:06 | Jacksonville Speed | | Drop | LeBron James | |
| 2004-05-06 05:54:50 | Green Bay Miners | | Drop | Hoyt Rouben | |
| 2004-05-05 04:09:58 | Mexico City Aztecs | | Drop | Ken Rodgers | |
| 2004-05-05 04:03:30 | Mexico City Aztecs | | Drop | Nate Harlow | |
| 2004-05-05 02:48:16 | Knoxville Wampus Cats | | Drop | Brendon Winfield | |
| 2004-05-05 02:47:56 | Knoxville Wampus Cats | | Drop | Lance Stern | |
| 2004-05-04 21:06:00 | Salt Lake City Night Hawks | 2nd round pick in season 08 | Acquired via trade | Chris Phelps | Baltimore Miners |
| 2004-05-04 21:04:00 | Salt Lake City Night Hawks | 1st round pick in season 08 | Acquired via trade | Fairleigh Bickel | Denver Ferris Wheels |
| 2004-05-04 21:02:00 | Louisville Colonels | Owen Dahlem | Acquired via trade | Les Menefee | Philadelphia Assassins |
| 2004-05-04 21:02:00 | Louisville Colonels | 1st round pick in season 09 | Acquired via trade | | Philadelphia Assassins |
| 2004-05-04 21:00:00 | Dallas Hounds | Ralph Weldon | Acquired via waivers | | Waiver |
| 2004-05-04 21:00:00 | Miami Macho Men | Larry Austin | Acquired via waivers | | Waiver |
| 2004-05-04 18:52:44 | Chicago Hilltoppers | | Drop | Peter Wernimont | |
| 2004-05-04 17:28:58 | Atlanta Eels | | Drop | Brandon Crain | |
| 2004-05-04 13:35:22 | Winnipeg Warriors | | Drop | Brendan Wilcox | |
| 2004-05-04 11:32:08 | San Juan Devils | Chris McCubbins | Add/Drop | | |
| 2004-05-04 11:29:14 | San Juan Devils | Ricky Money | Add/Drop | | |
| 2004-05-04 09:59:54 | Atlanta Eels | Brandon Crain | Add/Drop | Adam Reitz | |
| 2004-05-04 03:48:34 | Miami Macho Men | | Drop | Ricky Fletcher | |
| 2004-05-04 03:48:20 | Miami Macho Men | | Drop | Tim Milham | |
| 2004-05-04 03:43:54 | Nashville Night Owls | | Drop | Darren Tennill | |