The Argos announced Tuesday that Waters, the CFL's top special-teams player last year, will miss the next four-to-six weeks with a tear in his hip flexor.
Waters, in his fourth CFL season, was injured in Toronto's 26-11 victory Saturday over the Edmonton Eskimos in Fort McMurray, Alta. Veteran slotback Dave Stala stepped in to handle special-teams assignments after Waters was injured.
Losing Waters is a blow to the Argos because the 28-year-old native of Jackson, Miss., handles punting, kicking and kickoff chores. Last season Waters led the CFL in scoring (192 points), field goals made (47), punting (47.7 yards per attempt) and kickoffs (65.2 yards).
The six-foot, 180-pound Waters hit 47-of-52 field goals (90.4 per cent) last season with a league-best 53-yard boot.
A replacement for Waters wasn't immediately announced.