Waters lit up the G-League in '21-'22, hitting over 48% from three. That earned him a two-way contract with the Thunder in February of 2022. That level of shooting hasn't quite continued, as he has hit about 40% from three during his time with the Thunder and in the G-League. He actually got a decent amount of NBA playing time, playing just under 1,000 non-garbage time minutes from '21-'23, according to Cleaning the Glass.  The vast majority of Waters' attempts come from three, as about 84% of his attempts have been three-pointers. He probably needs to hit at least 40% of his three-pointers to really stick around in the league. He has some off-the-dribble shake, but isn't someone you want creating a lot of shots for himself or others.  Waters will be nearly 28 years old as a potential free agent in 2025, so he's older than most prospects with just four years of experience.

Waters will be an unrestricted free agent with a $2.3 million cap hold and Full Bird rights, meaning the Warriors will have no restrictions on re-signing him. Other teams will have multiple ways to sign Waters as even teams without cap space could use any of the Non-Taxpayer MLE, Room MLE, Taxpayer MLE, or Bi-Annual Exception to sign him. It's also likely that Waters only gets minimum offers, and may not even get fully-guaranteed offers.