That's basically what I got out of the article, although there is probably a better word for it that "declare". That's probably more accurately used by the NFL, which is more popular and the lexicon is bleeding over. I believe that Waters will be able to attend the NBA combine and get feed back from scouts, but as long as he doesn't sign with an agent he can return to college. I'd like to see the NFL do something similar. Then maybe we'd see more of these guys go undrafted after declaring.
I fully expect to see Waters at LSU for at least a couple more years.