Waters, who worked out for the Patriots on Saturday, reached an agreement Sunday, the team announced. He signed a two-year deal that could be worth up to $5.5 million, according to sources.
New England continued making some of the biggest moves around the league on cutdown weekend. It cut safety Brandon Meriweather and running back Sammy Morris, and now has reached a deal with Waters, a longtime standout in Kansas City.
Any veteran on an opening-day roster has his salary guaranteed for the season.
The fact that New England did a deal now with Waters rather than waiting until after the regular season begins indicates they have big plans for him this season.
Adam Schefter is ESPN's NFL Insider.