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| 2004-10-29 02:44:48 | Kansas City Wildcats | | Drop | Freddie Halbleib | |
| 2004-10-29 02:24:02 | Kansas City Wildcats | | Drop | Maurice Ferrell | |
| 2004-10-29 00:55:20 | Pittsburgh Berserkers | | Drop | Darren Mason | |
| 2004-10-28 23:30:00 | Milwaukee Sundancers | Lee Washburn | Acquired via trade | Jackson Tabor | San Antonio Brothas |
| 2004-10-28 23:30:00 | Milwaukee Sundancers | Clinton Herman | Acquired via trade | | San Antonio Brothas |
| 2004-10-28 23:28:00 | Atlanta Eels | Darryl Tomes | Acquired via trade | Anton Billings | New Orleans Hurricanes |
| 2004-10-28 23:28:00 | Atlanta Eels | Karl Washington | Acquired via trade | 1st round pick in season 11 | New Orleans Hurricanes |
| 2004-10-28 23:26:00 | Milwaukee Sundancers | Harrison Mooney | Acquired via trade | 2nd round pick in season 09 | Seattle Cougars |
| 2004-10-28 23:24:00 | Milwaukee Sundancers | Alec Pfeiffer | Acquired via trade | Ivan Kronovic | San Antonio Brothas |
| 2004-10-28 23:22:00 | Philadelphia Assassins | Charles Mayer | Acquired via trade | Thomas Flutie | San Antonio Brothas |
| 2004-10-28 23:22:00 | Philadelphia Assassins | Mike Fisher | Acquired via trade | Oliver Veal | San Antonio Brothas |
| 2004-10-28 23:22:00 | Philadelphia Assassins | Owen Gibbons | Acquired via trade | | San Antonio Brothas |
| 2004-10-28 23:20:00 | Sacramento Rainbow Trout | 1st round pick in season 09 | Acquired via trade | Kevin Watkins | Milwaukee Sundancers |
| 2004-10-28 23:20:00 | Sacramento Rainbow Trout | Shantae Kays | Acquired via trade | | Milwaukee Sundancers |
| 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 |