Waters was a versatile player who was originally used as a ruck/forward before moving into defence later in his career. He was known as a reliable mark of the ball in dry or wet conditions. He won the Copeland Trophy for being Collingwood's best and fairest player in 1966, was their leading goalkicker in 1963 and 1964 and earned All Australian selection for his performance at the 1969 Adelaide Carnival.
Waters was appointed captain of Collingwood in 1970. In 1971, after suffering a series of injuries that caused him to miss seven games then he struggled with his form, he resigned the position midway through the season,[5] reasoning that the responsibility associated with the captaincy had affected his form.[4]
Victoria (VFL) 26.24 (180) defeated Tasmania 11.13 (79), at North Hobart Oval, 9 June 1966, crowd: 20,047 Victoria (VFL) 16.23 (119) defeated South Australia 7.9 (51), at North Hobart Oval, 11 June 1966, crowd: 23,764 Victoria (VFL) 14.17 (101) defeated Victoria (VFA) 9.7 (61), at North Hobart Oval, 13 June 1966, crowd: 13,969 Victoria (VFL) 15.10 (100) defeated Western Australia 13.7 (85), at North Hobart Oval, 18 June 1966, crowd: 23,368