[2] Originally from Victorian Football Association (VFA) club Dandenong, Waters' transfer application to Collingwood was originally denied by Dandenong and he was required to go to the Supreme Court of Victoria to have writs issued to allow him to make his VFL debut in 1963.
[3][4] Waters was a versatile player who was originally used as a ruck/forward before moving into defence later in his career.
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.
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] Waters attended school at De La Salle College Malvern.