First reported by ESPN's Adam Caplan, it appears that Jake Waters is heading for DUVAL.
UDFA QB Jake Waters (Kansas St.) has agreed to a deal with the #Jaguars.— Adam Caplan (@caplannfl) May 2, 2015
Waters will be entering a situation where he might have a shot at the #2. Blake Bortles is, of course, the Jaguars' starting quarterback. The other signal-callers on the roster are Chad Henne and Stephen Morris, so he's not facing unbeatable competition there, although the Jaguars did also reportedly sign Auburn QB Nick Marshall. Marshall, however, is probably converting to defensive back, and did work out as a DB in the combine.
There have been some suggestions from Jax fans on Twitter that the Jaguars may have something else in mind for Waters, but nothing concrete. That seems a stretch, as Waters doesn't have the build to be a true running back and we've never seen any inclination toward switching to the other side of the ball.
Our friends at Big Cat Country have all the Jaguars news you need, so be sure to keep an eye out there for news on Waters.