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| 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 |
| 2003-06-19 15:26:12 | Winnipeg Warriors | Lonnie Grider | Add/Drop | Tyron Herron | |
| 2003-06-19 07:30:12 | San Antonio Brothas | | Drop | Shawn Epstein | |
| 2003-06-19 05:28:26 | Mexico City Aztecs | Eric Kaberle | Add/Drop | | |
| 2003-06-19 05:26:38 | Philadelphia Assassins | | Drop | Chris Becker | |
| 2003-06-19 05:07:18 | Denver Ferris Wheels | | Drop | Glen Ramsey | |
| 2003-06-18 04:00:00 | Boston Bannerman | Ralph Weldon | Acquired via trade | Royce Langley | Memphis Express |
| 2003-06-18 04:00:00 | Boston Bannerman | 1st round pick in season 05 | Acquired via trade | | Memphis Express |
| 2003-06-17 15:19:50 | Santa Fe Zeppelins | | Drop | Nate Patrick | |
| 2003-06-17 15:11:26 | Nashville Night Owls | | Drop | Art Barnett | |
| 2003-06-17 15:06:30 | Syracuse River Rats | | Drop | Tandre Maupin | |
| 2003-06-17 14:32:00 | Toronto Huskies | Barry Fortner | Add/Drop | | |
| 2003-06-14 07:40:00 | Kansas City Wildcats | Joe Sands | Acquired via waivers | Rick Kearns | Free Agents |