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| 2003-01-25 08:15:04 | Norfolk Wolves | | Drop | Anthony Yarbrough | |
| 2003-01-24 07:14:22 | Little Rock Fighting Farmers | Hoyt Rouben | Add/Drop | Charlie Shaver | |
| 2003-01-23 02:14:26 | Salt Lake City Night Hawks | | Drop | Bruce Cameron | |
| 2003-01-21 06:15:48 | Boston Bannerman | | Drop | Stuart Huffman | |
| 2003-01-20 20:16:26 | South Dakota Blackhawks | Rich Schoenbachler | Add/Drop | | |
| 2003-01-20 15:30:00 | San Diego Sabercats | Ray Nugent | Acquired via trade | Thad Barker | Philadelphia Assassins |
| 2003-01-20 15:30:00 | San Diego Sabercats | Matt Priest | Acquired via trade | | Philadelphia Assassins |
| 2003-01-20 15:30:00 | San Antonio Brothas | Michael Cash | Acquired via trade | | San Diego Sabercats |
| 2003-01-20 15:30:00 | San Antonio Brothas | Adam Reitz | Acquired via trade | Dennis Roberson | Philadelphia Assassins |
| 2003-01-20 15:30:00 | San Antonio Brothas | Joe Miller | Acquired via trade | Martin OReilly | Philadelphia Assassins |
| 2003-01-20 10:07:26 | Little Rock Fighting Farmers | | Drop | Tom Cartwright | |
| 2003-01-20 01:23:20 | Tampa Runner-ups | | Drop | Christian DiPaolo | |
| 2003-01-19 09:45:58 | Calgary Cougars | | Drop | Stuart Harp | |
| 2003-01-18 23:10:36 | San Juan Devils | Garth Flake | Add/Drop | Lamont Crain | |
| 2003-01-18 15:00:00 | Los Angeles Cacti | Lee Oates | Acquired via trade | Daunte Hicks | Seattle Cougars |
| 2003-01-18 15:00:00 | Los Angeles Cacti | 1st round pick in season 04 | Acquired via trade | | Seattle Cougars |
| 2003-01-18 14:30:00 | Los Angeles Cacti | Darrick Harned | Acquired via trade | Homer Courtney | Phoenix Kangaroos |
| 2003-01-18 14:30:00 | Los Angeles Cacti | 2nd round pick in season 04 | Acquired via trade | | Phoenix Kangaroos |
| 2003-01-17 23:52:20 | Sacramento Rainbow Trout | Emmett Menefee | Add/Drop | | |
| 2003-01-17 23:20:42 | Syracuse River Rats | | Drop | Todd Saxton | |
| 2003-01-17 20:30:00 | Denver Ferris Wheels | 2nd round pick in season 04 | Acquired via trade | 1st round pick in season 04 | Sacramento Rainbow Trout |
| 2003-01-17 20:30:00 | Denver Ferris Wheels | Richard Hollingsworth | Acquired via trade | | Sacramento Rainbow Trout |
| 2003-01-17 20:00:00 | Boston Bannerman | Arthur Grace | Acquired via trade | Erwin Crook | Phoenix Kangaroos |
| 2003-01-17 20:00:00 | Boston Bannerman | 2nd round pick in season 04 | Acquired via trade | | Phoenix Kangaroos |
| 2003-01-17 16:11:28 | Salt Lake City Night Hawks | Bruce Cameron | Add/Drop | | |