2013 salary: $1.5 million
Summary: He was signed Sept. 4 after he and the Cowboys flirted for most of training camp. By Week 3 he was the starting right guard, but he suffered a torn triceps against the Detroit Lions and was done for the season.
Why keep him: While he was not the All-Pro performer he was in his days with the Kansas City Chiefs, Waters brought stability to the middle of the line. His strength helped with the attitude of the running game, and he remained a solid pass protector. He showed he can still play and be more than a functional piece of an offensive line.
Why let him go: He turned 37 on Feb. 18, and at the end of the season had yet to decide whether to have triceps surgery or not. He cannot play again if he doesn’t have the surgery. Mackenzy Bernadeau raised his level of play after Waters went down for the season, and the Cowboys could look to select a top guard early in the draft. Waters has made it known he is not a fan of the offseason or training camp, so he would not have time to get accustomed to the players around him. He has played only five games in the past two seasons, having sat out the 2012 season.
Best guess: The Cowboys keep Waters’ name in their Rolodex, and if they need to make a call in the summer to gauge his interest, they will make it. He has kept himself in good shape and has shown he does not need a ton of time to get ready. But this option exists only if he has the surgery.