Some Mutuals players were compensated materially during the amateur era of National Association of Base Ball Players—city employment is one possibility—and Waterman may be considered a candidate.

When the NABBP permitted professionalism, the Red Stockings hired five incumbents including Waterman and five new men to complete its famous First Nine of 1869, the first team on salary for a season.

Cincinnati toured the continent undefeated in 1869 and may have been the strongest team in 1870, but the club dropped professional base ball after the second season.

The other five regulars including Fred Waterman signed with Nick Young's Washington Olympics, an established club that also joined the new, entirely professional National Association (NA).

The five former Red Stockings led the Olympics to a respectable finish in the inaugural NA season, but Waterman was left practically alone in the role one year later.