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| 2003-06-21 10:00:00 | Calgary Cougars | Clifford Seaman | Acquired via trade | Xavier Coffman | South Dakota Blackhawks |
| 2003-06-21 08:00:00 | San Antonio Brothas | Reece Perkins | Acquired via trade | Bob Gambill | Atlanta Eels |
| 2003-06-21 06:00:00 | Atlanta Eels | Ailou See | Acquired via trade | Fred Dohn | Philadelphia Assassins |
| 2003-06-21 06:00:00 | Atlanta Eels | Darryl Tomes | Acquired via trade | Kordell Kern | Philadelphia Assassins |
| 2003-06-21 06:00:00 | Atlanta Eels | Karim Fowler | Acquired via trade | | Philadelphia Assassins |
| 2003-06-21 05:03:22 | Rio de Janeiro Red Storm | Tyron Herron | Add/Drop | Jimmy Garcia | |
| 2003-06-21 04:41:14 | Charlotte Rangers | Baloo Henn | Add/Drop | Kevin Tolle | |
| 2003-06-21 04:00:00 | Los Angeles Cacti | 1st round pick in season 05 | Acquired via trade | 1st round pick in season 05 | San Diego Sabercats |
| 2003-06-21 04:00:00 | Los Angeles Cacti | 1st round pick in season 05 | Acquired via trade | Hank Dicken | San Diego Sabercats |
| 2003-06-21 04:00:00 | Los Angeles Cacti | 1st round pick in season 05 | Acquired via trade | | San Diego Sabercats |
| 2003-06-21 04:00:00 | Los Angeles Cacti | 3rd round pick in season 05 | Acquired via trade | | Santiago Sharks |
| 2003-06-21 04:00:00 | Los Angeles Cacti | Rusty Thieneman | Acquired via trade | | San Diego Sabercats |
| 2003-06-20 19:52:12 | Clarksville River Bandits | Todd Saxton | Add/Drop | | |
| 2003-06-20 10:03:44 | Birmingham Venom | | Drop | Dave Pope | |
| 2003-06-20 09:32:32 | San Francisco Golden Gators | Dave Ratliff | Add/Drop | Adam Savage | |
| 2003-06-20 06:38:54 | Hartford Hebrew Hammers | Chris McCubbins | Add/Drop | | |
| 2003-06-20 06:18:34 | New York Warriors | | Drop | Maurice Steele | |
| 2003-06-20 04:30:00 | Memphis Express | Nelson Kiefer | Acquired via trade | Jeremy Vold | San Antonio Brothas |
| 2003-06-20 04:30:00 | Memphis Express | 1st round pick in season 06 | Acquired via trade | | San Antonio Brothas |
| 2003-06-20 01:14:32 | Atlanta Eels | | Drop | Charles Greenwell | |
| 2003-06-19 22:00:00 | Chicago Hilltoppers | 1st round pick in season 06 | Acquired via trade | Travis McCubbins | Atlanta Eels |
| 2003-06-19 22:00:00 | Chicago Hilltoppers | 2nd round pick in season 05 | Acquired via trade | | Atlanta Eels |
| 2003-06-19 16:30:00 | San Antonio Brothas | Neil Christensen | Acquired via trade | Adam Reitz | Milwaukee Sundancers |
| 2003-06-19 16:30:00 | San Antonio Brothas | Scott Cundiff | Acquired via trade | | Milwaukee Sundancers |
| 2003-06-19 16:00:00 | Chicago Hilltoppers | 1st round pick in season 05 | Acquired via trade | Jed Dunaway | Philadelphia Assassins |