Waters (6-3, 320) appeared in 163 games (149 starts) and started three playoff contests in 11 years with Kansas City.
"Brian has played a key role in our progress and I am personally grateful for his contributions to this team", said General Manager Scott Pioli, "He and I had a good discussion and mutually agreed that this is a sound football decision for both Brian and the Chiefs. Brian has been an integral part of this organization and will always be part of the Kansas City Chiefs. We wish him nothing but the best."
Waters said, "I'd like to thank the entire Chiefs organization, especially for giving me an opportunity as a young player when other teams wouldn't. I'm grateful for the coaches, teammates and support staff who helped me become the player and man I am today. I'd also like to thank the fans of Kansas City who cheered us on. The Chiefs and I have mutually agreed on this decision and although I look forward to continuing my career, I'll always have a special place in my heart for Kansas City."
Waters originally signed with Kansas City in 2000 after entering the NFL as a rookie free agent with Dallas in 1999.
Chiefs Chairman and CEO Clark Hunt said, "My family and I have a tremendous amount of respect for Brian both as a player and a person, and we wish him the best in the future. From his performance on the field over the years to being named the NFL Walter Payton Man of the Year in 2009, Brian has been an outstanding member of the Chiefs organization, and when he is ready to retire, we'll welcome him back to do so as a member of the Kansas City Chiefs."
Chiefs Head Coach Todd Haley also thanked Waters, saying, "I truly appreciate Brian's professionalism and consistent approach to the game on and off the field. That was of great significance especially while trying to create a solid foundation for this football team. I know his work ethic and competitiveness will allow him to continue to be successful and I want to thank him for his contributions to our team."