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| 2004-12-27 04:12:58 | Edmonton SilverShoes | | Drop | Joey Barlow | |
| 2004-12-27 04:08:26 | Edmonton SilverShoes | | Drop | Joe Roach | |
| 2004-12-27 04:07:58 | Edmonton SilverShoes | | Drop | Erik Ludwig | |
| 2004-12-27 04:07:30 | Edmonton SilverShoes | | Drop | Parker Humphrey | |
| 2004-12-27 03:56:12 | Sacramento Rainbow Trout | Tony Downes | Add/Drop | Tommy Cusick | |
| 2004-12-27 03:53:42 | Sacramento Rainbow Trout | Neal Cecil | Add/Drop | | |
| 2004-12-26 19:23:46 | Milwaukee Sundancers | | Drop | Trey Williams | |
| 2004-12-26 18:54:44 | South Dakota Blackhawks | Jarred Vanderpool | Add/Drop | | |
| 2004-12-26 18:15:26 | Caracas Crocodiles | | Drop | Len Larimore | |
| 2004-12-26 16:16:00 | San Antonio Brothas | Lamar Bryant | Acquired via trade | Nathaniel Keane | Philadelphia Assassins |
| 2004-12-26 16:16:00 | San Antonio Brothas | 2nd round pick in season 09 | Acquired via trade | | Philadelphia Assassins |
| 2004-12-26 16:14:00 | Sacramento Rainbow Trout | 3rd round pick in season 09 | Acquired via trade | 2nd round pick in season 10 | Portland Hipsters |
| 2004-12-26 16:12:00 | Sacramento Rainbow Trout | Jim Farmer | Acquired via trade | Gregor Kim | Phoenix Kangaroos |
| 2004-12-26 16:12:00 | Sacramento Rainbow Trout | Linus Ingle | Acquired via trade | | Phoenix Kangaroos |
| 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 |