Waters finished this evening's first Supercars race in Sydney second on the road, but was demoted to fifth thanks to a five-second time penalty.
The penalty was for an unsafe release after Broc Feeney was judged to have been required to slow in the fast lane to avoid contact with Waters.
A furious Waters then unloaded on Supercars in an expletive-laden radio rant that made the TV broadcast.
According to Tickford co-owner Sven Burchartz the rant was well-warranted, with the team firmly of the belief that the penalty was the wrong call.
"We found it hard to disagree with Cam's assessment," said Burchartz.
"Some would call it ridiculous. Some would call it errant nonsense. I wouldn't go that far. Perhaps I would say it's an interesting approach to penalties. Faintly ridiculous, I've heard that said. Again, I can't agree with that.
"The bottom line is, there was no way in our view that you could say objectively that that was an unsafe release. There was sufficient distance between the cars. Feeney, yes he had to put the brake on, but you sort of have to do that when you come in to pit.
"It is difficult enough to run a race team, and work hard, and do what we do up and down pit lane, to have penalties applied like that which are perplexing.
"Are we bitterly disappointed? Absolutely we are, because as a team, and as a driver, Cam did everything right."
The radio rant from Waters referenced drivers wanting to leave the sport, a nod to Shane van Gisbergen's impending switch to NASCAR.
Brodie Kostecki and Waters himself are also know to harbour NASCAR ambitions.
"What the fuck is wrong with this sport? No wonder why all their fucking drivers want to leave," was the message that went out live on the Fox Sports broadcast.
"Look, Cam's views were expressed very much in the heat of the moment," added Burchartz.
"If it seeks to reignite chat about leaving the team or leaving the sport, that's absolute nonsense.
"I get the heat. Of course he thinks, 'why am I doing this?'. We bust our guts and something like that happens.
"It is an expression of frustration. I don't see it as some indication of a massive mood within the Supercars field that the drivers want to go elsewhere. This is one of the pre-eminent championships in world touring cars. I don't take any credence in that, other than that I think it's an appropriately emotional response.
"When we talk on the radio, it's within the team. And if someone chooses to tap in and broadcast it... we did not take an active step to do anything to bring the sport into disrepute."
