Waters signed a football scholarship at Clemson University. As a junior in 1968, he competed with Billy Ammons for the starting quarterback job, winning it after Ammons hurt his knee in spring practice. After a 0-3-1 start, Ammons was made starting quarterback again and Waters moved to split end for the remaining 15 games of his college career. As a senior, he caught 44 passes for 738 yards, and even though his season was cut short with a shoulder separation, his record stood until Jerry Butler broke it in 1977. A three-year letterman, Waters was an All-ACC selection in 1969 at wide receiver as a senior. During his Clemson career, he caught 68 passes for 1,196 yards and 17.1 yards per catch, to go along with four touchdown receptions. He still ranks eighth all-time for yards per reception and eighteenth all-time in receiving yards. In 1981, he was inducted into the Clemson Athletic Hall of Fame. He was also inducted into the North Augusta Sports Hall of Fame and the South Carolina Athletic Hall of Fame.
Professional career
Waters was selected by the Dallas Cowboys as a defensive back in the third round of the 1970 NFL draft. Although he was nearly released during training camp, his conversion was successful and became the backup to Cliff Harris at free safety as a rookie in 1970. He ended up starting 6 games after Harris had to serve military duty. Waters had 5 interceptions that season, as the Cowboys would go on to lose Super Bowl V. His performance was good enough to make the NFL all-rookie team in 1970. The next year, he was moved to cornerback, where he struggled for four years in a backup and starter role. Waters was eventually moved to Strong Safety in 1975 to replace Cowboys great Cornell Green, responding with 3 interceptions for 55 yards and a touchdown. That season, the Cowboys won the NFC Championship but lost Super Bowl X to the Pittsburgh Steelers. As a strong safety he became an All-Pro and along with Cliff Harris, formed one of the best safety tandems of that era. He was like a coach on the field, with excellent instincts and the athletic ability, to become one of the league’s top defensive players of the decade. He was selected All-Pro twice and to the Pro Bowl three consecutive seasons. In 1979, Waters suffered a torn anterior cruciate ligament in his right knee during a preseason game against the Seattle Seahawks, forcing him to sit out the entire year. He returned in 1980 and had 5 interceptions. After getting 3 interceptions in 1981, he retired with 41 interceptions, third-most in franchise history. He also played in 25 playoff games, which ranks 5th in NFL history. Waters played 12 seasons in the NFL, never experienced a losing season and only missed the playoffs once during that span. He played in five Super Bowls: V, VI, X, XII, and XIII, with victories in VI and XII. He holds the NFL record for most playoff interceptions with 9, including 3 in one playoff game, and has the unique achievement of blocking 4 punts in 2 consecutive games. He also was team's holder for placekicks.
After retirement
Waters spent the 1983 NFL season in the broadcast booth for CBS Sports, with Tom Brookshier on play-by-play. It was Waters who first admonished Brookshier after the latter commented during a college basketball promo that players for the Louisville Cardinals had "a collective IQ of about 40," resulting in Brookshier being removed from calling NFL games for the remainder of the season.
Personal life
Waters retired and became an NFL and college football coach. He was the defensive coordinator for the Denver Broncos in 1993 and 1994, and then for the University of Oregon in 1995. Late that season, his oldest son Cody died in Eugene in his sleep on December 4, 1995, 12 days before his 18th birthday. He and his wife Rosie Holotik, actress and model, at the time had two more sons, Ben and Cliff. He was nominated for the Pro Football Hall of Fame in 2001, but was not elected. In 2006, the Dallas Cowboys hired Waters as the new color commentator for the Cowboys Radio Network, working alongside Brad Sham when former color commentator and Dallas quarterback Babe Laufenberg resigned his post to spend time with his family. Outside of football, he works with longtime teammate Cliff Harris at a gas marketing company. In February 2007, Waters announced that he would be leaving the radio booth after only one season, citing a busy work schedule that did not allow him enough time to prepare for the game broadcasts.