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| 2003-12-26 20:30:00 | Memphis Express | Gordon Hannah | Acquired via trade | 1st round pick in season 06 | Philadelphia Assassins |
| 2003-12-26 16:00:00 | Minneapolis Bricklayers | Kareem Kendrick | Acquired via trade | Giles Fulkerson | Philadelphia Assassins |
| 2003-12-26 16:00:00 | Minneapolis Bricklayers | 1st round pick in season 07 | Acquired via trade | Glendon Collard | Philadelphia Assassins |
| 2003-12-26 00:50:00 | Louisville Colonels | 2nd round pick in season 05 | Acquired via trade | Stewart Fraser | Philadelphia Assassins |
| 2003-12-26 00:50:00 | Louisville Colonels | Dale Sanders | Acquired via trade | | Philadelphia Assassins |
| 2003-12-26 00:40:00 | Philadelphia Assassins | Tom Waddle | Acquired via trade | Antonio Klein | Atlanta Eels |
| 2003-12-26 00:40:00 | Philadelphia Assassins | 2nd round pick in season 06 | Acquired via trade | Jason Rueff | Atlanta Eels |
| 2003-12-26 00:40:00 | Philadelphia Assassins | 2nd round pick in season 06 | Acquired via trade | | Atlanta Eels |
| 2003-12-26 00:30:00 | Seattle Cougars | 1st round pick in season 07 | Acquired via trade | 1st round pick in season 06 | Phoenix Kangaroos |
| 2003-12-26 00:20:00 | Seattle Cougars | Chris Phelps | Acquired via trade | Ray Downes | San Francisco Golden Gators |
| 2003-12-26 00:20:00 | Seattle Cougars | William Stokes | Acquired via trade | 1st round pick in season 06 | San Francisco Golden Gators |
| 2003-12-26 00:20:00 | Seattle Cougars | Sherm Poole | Acquired via trade | 2nd round pick in season 06 | San Francisco Golden Gators |
| 2003-12-26 00:20:00 | San Francisco Golden Gators | 3rd round pick in season 06 | Acquired via trade | | Seattle Cougars |
| 2003-12-26 00:10:00 | New York Warriors | Jamaal Kessler | Acquired via trade | Carl Jecker | Philadelphia Assassins |
| 2003-12-26 00:10:00 | New York Warriors | 1st round pick in season 06 | Acquired via trade | Gordon Hannah | Philadelphia Assassins |
| 2003-12-26 00:10:00 | New York Warriors | 2nd round pick in season 07 | Acquired via trade | 3rd round pick in season 07 | Philadelphia Assassins |
| 2003-11-15 14:43:00 | Winnipeg Warriors | Clay Graves | Add/Drop | | |
| 2003-11-15 14:09:08 | Milwaukee Sundancers | | Drop | Jodie Buckner | |
| 2003-11-12 14:42:58 | Milwaukee Sundancers | Rich McCubbins | Add/Drop | Paul Holloway | |
| 2003-11-12 14:01:58 | Philadelphia Assassins | | Drop | Bradford Russell | |
| 2003-11-12 13:46:24 | South Dakota Blackhawks | Art Bogard | Add/Drop | | |
| 2003-11-09 20:23:32 | San Diego Sabercats | Nick Dallas | Add/Drop | Trent Dattilo | |
| 2003-11-09 09:45:24 | Tampa Runner-ups | Marquez Meeks | Add/Drop | Woody Black | |
| 2003-11-09 08:34:38 | Knoxville Wampus Cats | Thad McAtee | Add/Drop | Brandon Crain | |
| 2003-11-07 20:54:18 | New York Warriors | Ervin Pearson | Add/Drop | Greg Church | |