Waters sustained a triceps injury in his side's defeat to the Detroit Lions on Sunday and could be out for months as a result.
Jones confirmed the news and has revealed that the club will look to backup Mackenzy Bernadeau to fill the void.
He told 105.3 The Fan: "[Bernadeau] started for us the entire year last year and played well, came in and played about 20 snaps and played well yesterday.
"Then, we'll look to what we do with depth off our practice squad."
Waters started just five games this season after signing for the club in September.