I think a lot of people were excited about the emergence of Douby, and thought great things were on the horizon. In the months following that NIT, Waters got commitments from Farmer/Inman/Griffin (where FIG got his handle), and people thought that we'd finally be back on our way to the NCAA tournament after more than a decade.
Then the next season was a collapse, finishing 10-19 with Adrian Hill missing the whole season with injury.
The next moment of hope came toward the end of 2005-06... with anticipation of Douby returning as a senior and the prospect of Lance Thomas committing. Then neither happened and Waters was canned in favor of a clown show in FHJ. Thomas didn't show much at Duke over four years, either.