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| 2003-12-30 16:00:00 | Milwaukee Sundancers | Dennis Roberson | Acquired via waivers | Chris Becker | Waiver |
| 2003-12-30 11:54:26 | Calgary Cougars | | Drop | Colt Koch | |
| 2003-12-30 11:20:10 | Calgary Cougars | | Drop | Lonnie Grider | |
| 2003-12-30 10:41:46 | Little Rock Fighting Farmers | Ron Cohen | Add/Drop | | |
| 2003-12-30 10:05:08 | San Francisco Golden Gators | | Drop | Bob Brewster | |
| 2003-12-30 09:57:24 | Little Rock Fighting Farmers | | Drop | Ivan Carman | |
| 2003-12-30 09:55:06 | Little Rock Fighting Farmers | | Drop | Travis Van Horn | |
| 2003-12-30 09:49:56 | Little Rock Fighting Farmers | | Drop | Brendon Simon | |
| 2003-12-30 00:00:00 | Seattle Cougars | 1st round pick in season 06 | Acquired via trade | Eduardo Delaney | Denver Ferris Wheels |
| 2003-12-29 22:13:46 | South Dakota Blackhawks | | Drop | Chris McCubbins | |
| 2003-12-29 22:00:00 | San Antonio Brothas | Erik Carr | Acquired via trade | 2nd round pick in season 08 | Los Angeles Cacti |
| 2003-12-29 22:00:00 | San Antonio Brothas | Antawn Aldridge | Acquired via trade | | Los Angeles Cacti |
| 2003-12-29 21:40:00 | San Antonio Brothas | Kendrick Weaver | Acquired via trade | 1st round pick in season 08 | New York Warriors |
| 2003-12-29 21:40:00 | San Antonio Brothas | William Vanderpool | Acquired via trade | | New York Warriors |
| 2003-12-29 21:30:00 | San Antonio Brothas | Colt Koch | Acquired via trade | 2nd round pick in season 07 | Philadelphia Assassins |
| 2003-12-29 18:05:56 | Green Bay Miners | Dave Nunn | Add/Drop | Buford Prescott | |
| 2003-12-29 13:50:34 | Las Vegas Dark Knights | | Drop | Brent Craft | |
| 2003-12-29 13:20:20 | Knoxville Wampus Cats | | Drop | Ty Rollins | |
| 2003-12-29 13:19:48 | Knoxville Wampus Cats | | Drop | Derick Goodlett | |
| 2003-12-29 06:35:30 | Buffalo Bombers | | Drop | Shantae Kays | |
| 2003-12-29 06:31:44 | Buffalo Bombers | | Drop | Alex Tatum | |
| 2003-12-29 06:10:06 | Louisville Colonels | | Drop | Michael Ennis | |
| 2003-12-29 06:06:22 | Louisville Colonels | | Drop | Travis Winston | |
| 2003-12-28 23:54:12 | Las Vegas Dark Knights | Dante Short | Add/Drop | Quinn Steinmetz | |
| 2003-12-28 19:29:48 | Clarksville River Bandits | | Drop | Ira Dickens | |