FWIW, at this point, Waters is #14 nationally in QBR at this point between Braxton Miller and David Carr.
He could fluctuate a little bit up or down based on the next week of games, but because a lot of guys in front of him are graduating or going pro (i.e. Manziel, Bridgewater), he's probably going to be one of the best 5-7 QB's returning in 2014 based on QBR.