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| 2004-06-23 07:35:48 | Knoxville Wampus Cats | | Drop | Thad McAtee | |
| 2004-06-22 21:14:00 | New York Warriors | Anthony Gerstle | Acquired via trade | Deshawn Hatfield | Las Vegas Dark Knights |
| 2004-06-22 21:14:00 | New York Warriors | 2nd round pick in season 08 | Acquired via trade | Eric Sweeney | Las Vegas Dark Knights |
| 2004-06-22 21:12:00 | Philadelphia Assassins | Oliver Veal | Acquired via trade | Michael Cash | Milwaukee Sundancers |
| 2004-06-22 21:12:00 | Philadelphia Assassins | 2nd round pick in season 09 | Acquired via trade | | Milwaukee Sundancers |
| 2004-06-22 21:10:00 | Boston Bannerman | Lennox Lamaster | Acquired via trade | Devin Mears | Las Vegas Dark Knights |
| 2004-06-22 21:10:00 | Boston Bannerman | Devin Cornwell | Acquired via trade | Dwayne Unger | Las Vegas Dark Knights |
| 2004-06-22 21:08:00 | Milwaukee Sundancers | Nathaniel Keane | Acquired via trade | Morty Tackett | Philadelphia Assassins |
| 2004-06-22 21:08:00 | Milwaukee Sundancers | 2nd round pick in season 09 | Acquired via trade | 1st round pick in season 08 | Philadelphia Assassins |
| 2004-06-22 21:08:00 | Milwaukee Sundancers | 3rd round pick in season 09 | Acquired via trade | | Philadelphia Assassins |
| 2004-06-22 21:06:00 | Memphis Express | 1st round pick in season 08 | Acquired via trade | Demetrius Keane | Chicago Hilltoppers |
| 2004-06-22 21:06:00 | Memphis Express | 1st round pick in season 09 | Acquired via trade | | Chicago Hilltoppers |
| 2004-06-22 21:04:00 | New York Warriors | Alton Good | Acquired via trade | Al Lipscomb | Philadelphia Assassins |
| 2004-06-22 21:04:00 | New York Warriors | Eric Sweeney | Acquired via trade | Teddy Graves | Philadelphia Assassins |
| 2004-06-22 21:04:00 | New York Warriors | 1st round pick in season 08 | Acquired via trade | | Philadelphia Assassins |
| 2004-06-22 21:02:00 | Los Angeles Cacti | Alan Abel | Acquired via trade | Lorenzo Billings | Sacramento Rainbow Trout |
| 2004-06-22 21:02:00 | Los Angeles Cacti | Lamont Hayden | Acquired via trade | Mark Ingham | Sacramento Rainbow Trout |
| 2004-06-22 21:02:00 | Los Angeles Cacti | 2nd round pick in season 08 | Acquired via trade | | Sacramento Rainbow Trout |
| 2004-06-22 21:00:00 | Seattle Cougars | 1st round pick in season 08 | Acquired via trade | Vinnie Monsour | San Francisco Golden Gators |
| 2004-06-22 20:40:38 | Hartford Hebrew Hammers | Clyde Tackett | Add/Drop | | |
| 2004-06-22 11:13:24 | Sao Paulo Jackalopes | Zack Galloway | Add/Drop | D.J. Silliman | |
| 2004-06-21 00:52:12 | Clarksville River Bandits | | Drop | LeRoy Worthington | |
| 2004-06-21 00:00:36 | Chicago Hilltoppers | Brandon Hoffman | Add/Drop | Howard Garrett | |
| 2004-06-19 19:10:00 | Philadelphia Assassins | William Stith | Acquired via trade | Russell Olson | Las Vegas Dark Knights |
| 2004-06-19 19:00:00 | Atlanta Eels | Eddie Pickett | Acquired via trade | Eric Sweeney | Philadelphia Assassins |