The unthinkable became reality at Casement Park on Sunday when Antrim blew their chance of promotion to Division Three of the Allianz NFL.
After losing in Tipperary two weeks ago, it seemed inconceivable that Antrim could slip up again.
The nervy Saffrons led only 0-5 to 0-4 at the interval but Maurice O'Gorman's 51st-minute goal was the crucial score.
Sean Kelly's departure because of an eye injury didn't help Antrim while they also had Tony Scullion sent off.
A draw would have secured promotion for the Saffrons.
Two Paddy Cunningham points gave Antrim an early two-point lead but two Connie Power scores helped Waterford draw level.
Cunningham added two further first-half points while Sean Kelly was also on target for the Saffrons.
However, the home stage were never able to get into their stride as the pressure of the occasion seemed to get to the players.
Tipperary's victory over Wicklow meant that they earned promotion alongside Division Four winners Offaly.
"Going on that display, neither Cavan nor Armagh will be having any sleepless nights"
Suffice to say, there is likely to be a major inquest into this latest abject failure in Antrim's troubled football history.
"I cannot tell you what has gone wrong," admitted Antrim manager Jody Gormley.
"We were well placed to be promoted and had two bites at it but we could not make the step up.
"It is going to be a measure of these men to see how they bounce back before playing Cavan in the championship."
Gormley added that the loss of Sean Kelly had been an "unfortunate" blow for his team.
"Sean took a knock (while) running through. It was a fairly, nasty high challenge and it took him out of the game.
"Tony Scullion's sending off didn't help but we cannot make excuses.
"It's a terrible result and a poor performance.
"Going on that display, neither Cavan nor Armagh will be having any sleepless nights."
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