The rugged 22-year-old Eagle dislocated his left elbow eight months ago playing for WAFL club Claremont, and has since had three operations, but revealed on Friday that he will take no part in the 2009 campaign.
After the initial operations to repair the damage were unsuccessful, the third round of surgery in Sydney five weeks ago involved replacing the medial and lateral ligaments in the elbow with a graft from Waters’ hamstring.
He will have to travel to Sydney in a week to determine when the brace is removed, but has resigned himself to another season on the sidelines, after missing all of 2005 with a groin injury.
He said extending his career was the reason he opted for season-ending surgery.
“Speaking with the surgeon in Sydney it resonated that the longevity of my career was going to be a concern if I didn’t get the surgery and didn’t take that time in returning,” he said on Friday in Perth.
“The surgeon was very optimistic, he took every measure to secure it and I have full faith in how he’s gone about the operation.
“The graft actually becoming a part of the elbow and strengthening it takes a little bit longer, it’s just one of those things, similar to an ACL (knee ligament) that you need to give rest."
Waters said ending his season now would remove the time pressures of his rehabilitation and give him a chance to develop himself as a player and a person.
"I'll concentrate on facets of my life and my game that often don't get the attention they deserve," he said.
"I want to work on different leadership roles off the field, I want to have an active part with the younger members of our side and also have a role on match day.
"Also try and develop off-field – my life after football – within a company to further my development."
Waters said it was important to him to be a part of West Coast as the club rebuilds and the thought of giving the game away after a sustained injury run had never crossed his mind.
"It's a game I love with all of my heart and as much as I won’t be playing the game this year, the ultimate is playing [again] and that last day in September with our side.
"Where we're heading it's definitely not as far away as it might seem and I need to be fit and ready to go to be there again.
"Where our group's heading, we've got systemic structures in place to perform at an elite level and be fierce competitors and have sustained success over the next few years of my career.
"It's important to me that I'm going to be involved in that. I'll have an active part this year and play next year."