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| 2004-12-26 03:44:30 | Las Vegas Dark Knights | | Drop | Harlan Daher | |
| 2004-12-26 03:21:20 | Cleveland Weasels | | Drop | Darrick Harned | |
| 2004-12-26 03:17:58 | Cleveland Weasels | | Drop | Russ Maier | |
| 2004-12-25 21:50:26 | Milwaukee Sundancers | | Drop | Wayne Kidd | |
| 2004-12-25 21:49:58 | Milwaukee Sundancers | | Drop | Carl Shipley | |
| 2004-12-25 19:00:00 | Los Angeles Cacti | 1st round pick in season 09 | Acquired via trade | 1st round pick in season 09 | Salt Lake City Night Hawks |
| 2004-12-25 19:00:00 | Los Angeles Cacti | 1st round pick in season 09 | Acquired via trade | | Salt Lake City Night Hawks |
| 2004-12-25 14:52:06 | Tampa Runner-ups | LeRoy Worthington | Add/Drop | | |
| 2004-12-25 09:40:00 | Seattle Cougars | 1st round pick in season 09 | Acquired via trade | 1st round pick in season 09 | Salt Lake City Night Hawks |
| 2004-12-25 09:40:00 | Seattle Cougars | Brett Scherer | Acquired via trade | | Salt Lake City Night Hawks |
| 2004-12-25 09:30:00 | Salt Lake City Night Hawks | 1st round pick in season 09 | Acquired via trade | 1st round pick in season 09 | Phoenix Kangaroos |
| 2004-12-25 09:30:00 | Salt Lake City Night Hawks | 1st round pick in season 09 | Acquired via trade | | Phoenix Kangaroos |
| 2004-12-25 09:20:00 | Phoenix Kangaroos | Janson Knapp | Acquired via trade | Jamison Carson | St. Louis 5th Alarm |
| 2004-12-25 09:20:00 | Phoenix Kangaroos | 1st round pick in season 09 | Acquired via trade | Dakota Neville | St. Louis 5th Alarm |
| 2004-12-25 09:20:00 | Phoenix Kangaroos | 2nd round pick in season 09 | Acquired via trade | Keith Patrick | St. Louis 5th Alarm |
| 2004-12-25 09:20:00 | Phoenix Kangaroos | 3rd round pick in season 09 | Acquired via trade | | St. Louis 5th Alarm |
| 2004-12-25 09:19:52 | Caracas Crocodiles | | Drop | Ken Rodgers | |
| 2004-12-25 09:18:58 | Caracas Crocodiles | | Drop | Graham Whitlow | |
| 2004-12-25 09:10:00 | Phoenix Kangaroos | 1st round pick in season 09 | Acquired via trade | Herb Freedman | Orlando Bombers |
| 2004-12-25 09:10:00 | Phoenix Kangaroos | Wes Parker | Acquired via trade | | Orlando Bombers |
| 2004-12-25 09:00:00 | Miami Macho Men | Josh Potter | Acquired via trade | 1st round pick in season 09 | Phoenix Kangaroos |
| 2004-12-25 09:00:00 | Miami Macho Men | 1st round pick in season 09 | Acquired via trade | | Phoenix Kangaroos |
| 2004-12-25 09:00:00 | Miami Macho Men | 1st round pick in season 10 | Acquired via trade | | Phoenix Kangaroos |
| 2004-12-25 09:00:00 | Miami Macho Men | 1st round pick in season 10 | Acquired via trade | | Phoenix Kangaroos |
| 2004-12-25 00:09:06 | Los Angeles Cacti | | Drop | Aubrey Ingram | |