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| 2003-12-28 17:33:54 | Clarksville River Bandits | | Drop | Elton McQueen | |
| 2003-12-28 16:58:50 | Clarksville River Bandits | | Drop | Brevin Shaffer | |
| 2003-12-28 16:55:16 | South Dakota Blackhawks | | Drop | Art Bogard | |
| 2003-12-28 14:59:10 | Tampa Runner-ups | | Drop | Marquez Meeks | |
| 2003-12-28 12:07:00 | San Antonio Brothas | Trent Dattilo | Add/Drop | Quinn Roederer | |
| 2003-12-28 12:01:10 | San Antonio Brothas | | Drop | Brandon Hoffman | |
| 2003-12-28 11:43:02 | San Juan Devils | | Drop | Stewart Riordan | |
| 2003-12-28 10:06:34 | Calgary Cougars | Quinn Roederer | Add/Drop | | |
| 2003-12-28 09:48:42 | San Antonio Brothas | Carlos Jett | Add/Drop | | |
| 2003-12-28 09:18:10 | Little Rock Fighting Farmers | | Drop | Hoyt Rouben | |
| 2003-12-28 08:02:54 | San Juan Devils | | Drop | Jan Madden | |
| 2003-12-28 02:37:46 | Milwaukee Sundancers | | Drop | Richard Pirtle | |
| 2003-12-27 23:30:00 | San Antonio Brothas | Clem Lay | Acquired via trade | Clifford Seaman | Memphis Express |
| 2003-12-27 14:00:00 | Boston Bannerman | 2nd round pick in season 06 | Acquired via trade | 2nd round pick in season 07 | New York Warriors |
| 2003-12-27 06:30:00 | Salt Lake City Night Hawks | Wayne Gary | Acquired via trade | Steve Snowden | Orlando Bombers |
| 2003-12-27 06:30:00 | Salt Lake City Night Hawks | 1st round pick in season 06 | Acquired via trade | 2nd round pick in season 07 | Orlando Bombers |
| 2003-12-27 04:00:00 | Los Angeles Cacti | 1st round pick in season 06 | Acquired via trade | 1st round pick in season 07 | Salt Lake City Night Hawks |
| 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 |