However, Waterman, the son of dual premiership player Chris, is set to be re-drafted by the Eagles as a rookie after a difficult first season blighted by his battle with glandular fever.
Strong midfielder Brant Colledge – who tested the waters during the recent NAB AFL Trade Period – has been axed, but is contracted for 2016 and will return to the club in the rookie draft, if not picked up by another club.
Tough utility Simon Tunbridge has been cut from the senior list after playing seven games since being recruited via the rookie draft in 2012.
McGinnity, who played in the qualifying final win over Hawthorn and was a Grand Final emergency, has earned another season on the list after featuring in nine games this season.
Like McGinnity, former Carlton first-round draft pick Kane Lucas has re-signed for another year.
Read more at AFL.com.au