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| 2004-05-04 21:06:00 | Salt Lake City Night Hawks | 2nd round pick in season 08 | Acquired via trade | Chris Phelps | Baltimore Miners |
| 2004-05-04 21:04:00 | Salt Lake City Night Hawks | 1st round pick in season 08 | Acquired via trade | Fairleigh Bickel | Denver Ferris Wheels |
| 2004-05-04 21:02:00 | Louisville Colonels | Owen Dahlem | Acquired via trade | Les Menefee | Philadelphia Assassins |
| 2004-05-04 21:02:00 | Louisville Colonels | 1st round pick in season 09 | Acquired via trade | | Philadelphia Assassins |
| 2004-05-04 21:00:00 | Dallas Hounds | Ralph Weldon | Acquired via waivers | | Waiver |
| 2004-05-04 21:00:00 | Miami Macho Men | Larry Austin | Acquired via waivers | | Waiver |
| 2004-05-04 18:52:44 | Chicago Hilltoppers | | Drop | Peter Wernimont | |
| 2004-05-04 17:28:58 | Atlanta Eels | | Drop | Brandon Crain | |
| 2004-05-04 13:35:22 | Winnipeg Warriors | | Drop | Brendan Wilcox | |
| 2004-05-04 11:32:08 | San Juan Devils | Chris McCubbins | Add/Drop | | |
| 2004-05-04 11:29:14 | San Juan Devils | Ricky Money | Add/Drop | | |
| 2004-05-04 09:59:54 | Atlanta Eels | Brandon Crain | Add/Drop | Adam Reitz | |
| 2004-05-04 03:48:34 | Miami Macho Men | | Drop | Ricky Fletcher | |
| 2004-05-04 03:48:20 | Miami Macho Men | | Drop | Tim Milham | |
| 2004-05-04 03:43:54 | Nashville Night Owls | | Drop | Darren Tennill | |
| 2004-05-04 03:43:14 | Nashville Night Owls | | Drop | Eric Massey | |
| 2004-05-04 03:40:48 | Nashville Night Owls | | Drop | Chase Morrow | |
| 2004-05-03 21:59:20 | Cincinnati Skyliners | Timmy Brown | Add/Drop | | |
| 2004-05-03 21:51:32 | Ottawa Mt. Hawks | | Drop | Kenny Prentice | |
| 2004-05-03 20:00:00 | Philadelphia Assassins | Michael Cash | Acquired via trade | Oliver Veal | Milwaukee Sundancers |
| 2004-05-03 20:00:00 | Philadelphia Assassins | 1st round pick in season 08 | Acquired via trade | 1st round pick in season 08 | Milwaukee Sundancers |
| 2004-05-03 18:00:00 | Phoenix Kangaroos | Mario Hutcherson | Acquired via trade | | Milwaukee Sundancers |
| 2004-05-03 18:00:00 | San Antonio Brothas | Erwin Crook | Acquired via trade | | Phoenix Kangaroos |
| 2004-05-03 18:00:00 | Milwaukee Sundancers | Kevin Jones | Acquired via trade | | San Antonio Brothas |
| 2004-05-03 18:00:00 | Milwaukee Sundancers | Woodrow James | Acquired via trade | | Philadelphia Assassins |