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| 2004-04-30 21:16:00 | Milwaukee Sundancers | 1st round pick in season 08 | Acquired via trade | 1st round pick in season 08 | Philadelphia Assassins |
| 2004-04-30 21:14:00 | Minneapolis Bricklayers | Giles Norwood | Acquired via trade | Jerald Barnett | Los Angeles Cacti |
| 2004-04-30 21:14:00 | Minneapolis Bricklayers | Clarke Nethery | Acquired via trade | 2nd round pick in season 08 | Los Angeles Cacti |
| 2004-04-30 21:14:00 | Minneapolis Bricklayers | Jon Rehm | Acquired via trade | | Los Angeles Cacti |
| 2004-04-30 21:12:00 | Milwaukee Sundancers | Trey Williams | Acquired via trade | Teddy Goldman | San Antonio Brothas |
| 2004-04-30 21:10:00 | Orlando Bombers | Travis Logsdon | Acquired via trade | Dejuan OReilly | San Francisco Golden Gators |
| 2004-04-30 21:10:00 | Orlando Bombers | 2nd round pick in season 08 | Acquired via trade | | San Francisco Golden Gators |
| 2004-04-30 21:00:00 | Miami Macho Men | Darnell Eskridge | Acquired via waivers | | Waiver |
| 2004-04-30 21:00:00 | Cincinnati Skyliners | Tony Ulrich | Acquired via waivers | | Waiver |
| 2004-04-30 21:00:00 | Miami Macho Men | Jerome English | Acquired via waivers | | Waiver |
| 2004-04-30 21:00:00 | Dallas Hounds | William Stokes | Acquired via waivers | | Waiver |
| 2004-04-30 21:00:00 | Portland Hipsters | Denzel Johns | Acquired via waivers | | Waiver |
| 2004-04-30 21:00:00 | Orlando Bombers | Lashawn Burt | Acquired via waivers | | Waiver |
| 2004-04-30 21:00:00 | San Francisco Golden Gators | Quin Kerr | Acquired via waivers | | Waiver |
| 2004-04-30 21:00:00 | Las Vegas Dark Knights | Chauncey Joseph | Acquired via waivers | | Waiver |
| 2004-04-30 17:16:18 | Philadelphia Assassins | Elden Peak | Add/Drop | Jontae Masters | |
| 2004-04-30 14:18:16 | Boston Bannerman | | Drop | Malcolm Grenig | |
| 2004-04-30 13:16:38 | South Dakota Blackhawks | Bryon Dunaway | Add/Drop | Britt Deskins | |
| 2004-04-30 13:05:22 | San Antonio Brothas | Chris Becker | Add/Drop | Eddie Wilkinson | |
| 2004-04-30 10:44:50 | Dallas Hounds | | Drop | Raul Trimble | |
| 2004-04-29 11:36:18 | Vancouver Mounties | | Drop | Stephan Mace | |
| 2004-04-29 10:54:24 | Los Angeles Cacti | | Drop | Larry Austin | |
| 2004-04-29 01:09:52 | Cleveland Weasels | Alton Peak | Add/Drop | Terry Sears | |
| 2004-04-28 16:29:48 | Edmonton SilverShoes | Forrest Keller | Add/Drop | | |
| 2004-04-28 08:46:08 | Buffalo Bombers | | Drop | Bradford Russell | |