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| 2004-05-07 08:54:42 | Sao Paulo Jackalopes | | Drop | Kellen Tomes | |
| 2004-05-07 07:50:26 | Miami Macho Men | | Drop | Jimmy Graven | |
| 2004-05-07 07:49:52 | Miami Macho Men | | Drop | Jason Rehm | |
| 2004-05-07 05:07:38 | Buffalo Bombers | Reggie Goodlett | Add/Drop | Tyler Daniel | |
| 2004-05-07 04:16:50 | Orlando Bombers | | Drop | Ailou See | |
| 2004-05-07 01:42:28 | Charlotte Rangers | | Drop | Brady Dunaway | |
| 2004-05-07 01:37:40 | Charlotte Rangers | | Drop | Zack Galloway | |
| 2004-05-07 01:35:44 | Charlotte Rangers | | Drop | Jorge Little | |
| 2004-05-07 01:31:40 | Vancouver Mounties | Emmitt Cobb | Add/Drop | Sherm Poole | |
| 2004-05-07 00:42:52 | Boston Bannerman | | Drop | Lee Washburn | |
| 2004-05-07 00:32:58 | Birmingham Venom | | Drop | Hunter Wilkinson | |
| 2004-05-06 20:02:00 | Phoenix Kangaroos | 2nd round pick in season 09 | Acquired via trade | Daniel Ruhl | Atlanta Eels |
| 2004-05-06 20:00:00 | Philadelphia Assassins | Eddie Pickett | Acquired via trade | Joe Miller | Phoenix Kangaroos |
| 2004-05-06 07:39:30 | Jacksonville Speed | | Drop | Peter Hodges | |
| 2004-05-06 07:37:34 | Jacksonville Speed | | Drop | Charles Mayer | |
| 2004-05-06 07:35:06 | Jacksonville Speed | | Drop | LeBron James | |
| 2004-05-06 05:54:50 | Green Bay Miners | | Drop | Hoyt Rouben | |
| 2004-05-05 04:09:58 | Mexico City Aztecs | | Drop | Ken Rodgers | |
| 2004-05-05 04:03:30 | Mexico City Aztecs | | Drop | Nate Harlow | |
| 2004-05-05 02:48:16 | Knoxville Wampus Cats | | Drop | Brendon Winfield | |
| 2004-05-05 02:47:56 | Knoxville Wampus Cats | | Drop | Lance Stern | |
| 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 |