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| 2003-12-30 23:00:28 | Sacramento Rainbow Trout | | Drop | Marques Loyd | |
| 2003-12-30 22:18:50 | Sacramento Rainbow Trout | | Drop | Maurice Steele | |
| 2003-12-30 22:17:18 | Sacramento Rainbow Trout | | Drop | Carson Esarey | |
| 2003-12-30 22:12:24 | Sacramento Rainbow Trout | | Drop | Alphonso Barlow | |
| 2003-12-30 16:30:24 | Chicago Hilltoppers | | Drop | Rod Cundiff | |
| 2003-12-30 16:00:00 | Indianapolis Tornadoes | Daniel Rausch | Acquired via waivers | Lamond Goodwin | Waiver |
| 2003-12-30 16:00:00 | Charlotte Rangers | Forrest Shields | Acquired via waivers | | Waiver |
| 2003-12-30 16:00:00 | New York Warriors | Kyle Pfeiffer | Acquired via waivers | Charles Mayer | Waiver |
| 2003-12-30 16:00:00 | Milwaukee Sundancers | Dennis Roberson | Acquired via waivers | Chris Becker | Waiver |
| 2003-12-30 11:54:26 | Calgary Cougars | | Drop | Colt Koch | |
| 2003-12-30 11:20:10 | Calgary Cougars | | Drop | Lonnie Grider | |
| 2003-12-30 10:41:46 | Little Rock Fighting Farmers | Ron Cohen | Add/Drop | | |
| 2003-12-30 10:05:08 | San Francisco Golden Gators | | Drop | Bob Brewster | |
| 2003-12-30 09:57:24 | Little Rock Fighting Farmers | | Drop | Ivan Carman | |
| 2003-12-30 09:55:06 | Little Rock Fighting Farmers | | Drop | Travis Van Horn | |
| 2003-12-30 09:49:56 | Little Rock Fighting Farmers | | Drop | Brendon Simon | |
| 2003-12-30 00:00:00 | Seattle Cougars | 1st round pick in season 06 | Acquired via trade | Eduardo Delaney | Denver Ferris Wheels |
| 2003-12-29 22:13:46 | South Dakota Blackhawks | | Drop | Chris McCubbins | |
| 2003-12-29 22:00:00 | San Antonio Brothas | Erik Carr | Acquired via trade | 2nd round pick in season 08 | Los Angeles Cacti |
| 2003-12-29 22:00:00 | San Antonio Brothas | Antawn Aldridge | Acquired via trade | | Los Angeles Cacti |
| 2003-12-29 21:40:00 | San Antonio Brothas | Kendrick Weaver | Acquired via trade | 1st round pick in season 08 | New York Warriors |
| 2003-12-29 21:40:00 | San Antonio Brothas | William Vanderpool | Acquired via trade | | New York Warriors |
| 2003-12-29 21:30:00 | San Antonio Brothas | Colt Koch | Acquired via trade | 2nd round pick in season 07 | Philadelphia Assassins |
| 2003-12-29 18:05:56 | Green Bay Miners | Dave Nunn | Add/Drop | Buford Prescott | |
| 2003-12-29 13:50:34 | Las Vegas Dark Knights | | Drop | Brent Craft | |