Peppers suffered the injury during practice last week and it was announced Monday he’d miss significant time.
"He was attempting a lay-up and came down awkwardly," Waters said at his media gathering Thursday. "They feel he did not tear his Achilles. [It's] more of a strong, hard bone bruise at the bottom of his foot."
Freshmen point guard Kash Thomas started CSU's exhibition game against Tiffin on Monday in place of Peppers, who was projected to open the season as the starter.
Thomas, a native of Montreal Canada, had a solid debut with the Vikings, contributing four points, four assists and four steals in 29 minutes. He only turned it over two times.
"He didn't seem to be rattled," Waters said. "He's got more experience then what you think because he's a 20 year old freshmen. In Canada, they allow you to go over grade 13, so he has more experience beyond the normal freshmen would have."
Sophomore walk-on Nelson Maxwell and Kenny Carpenter will back-up Thomas. Waters said Rob Edwards could also see some time at the point.
Maxwell, a product of Orange High School, appeared in 16 games with the Vikings last season, averaging 2.6 points and 1.4 assists in 14.8 minutes per game.
Carpenter will open the season as CSU's sixth man. The 6-foot-4 swingman from Detroit can play all three guard positions.
CSU opens regular-season play Saturday against Kent State in Youngstown as part of the Northeast Ohio Coaches vs. Cancer Classic.
Signing day: Waters also announced the signing of Garfield Heights shooting guard Shawn Christian on Thursday.
One of the top shooters in the state, Christian averaged 13 points per game as a junior.
"Shawn is a very good shooter and he's going to be a good defender," Waters said. "One of the things he said to me was 'Coach, I want to stay home and make our home great again.' "
Christian is the only player CSU is expected to sign during the early recruiting period.
The Vikings are still looking to add a center during the late signing period.