Two-time world champion Waddell was expected to medal, but the poor results around him meant he had to win, to avoid New Zealand's first Olympics without a gold in more than 50 years.
"It was probably fair to say I was one of the last gold medal chances at that Games, being realistic about who had already competed and what the results were," recalled Waddell. "I know it was discussed and I recall being asked that before I was racing. I remember feeling a fair bit of pressure and expectation, but none so much as my own."
The final was one of the toughest races of his career.
"It was a particularly hard pace during the middle of the race," said Waddell. "I typically had a very strong middle of the race and the main opposition [Xeno Muller] tried to surprise me during that phase by really pushing it. I found myself behind in the last 500m, which was an unusual situation [as] typically I had popped through the pack at that stage."
But Waddell found a late extra gear to surge past Muller, and crossed the line 8m ahead of the Swiss.
Waddell's feat prevented a gold-less game. That had last occurred in London in 1948 (from a team of only seven competitors) and had it happened in 2000 it might have triggered a downturn in funding and interest in Olympic sports.
It was also rowing's first gold since 1984 and the beginning of the current halcyon period for the sport. Waddell's medal delivered money into the sport for the next cycle and was the first Olympic gold for super coach Dick Tonks.
The race at Penrith Lakes also inspired the likes of Mahe Drysdale, Eric Murray, Hamish Bond and the Evers-Swindell twins.
Waddell appeals as a perfect candidate for the Chef de Mission role, with his athlete-centric focus.
"Our athletes have had a lot of experience at big events and are used to the challenges. There is an element of resilience," said Waddell. "There is a consistency there now, which seems to be repeatable. Planning can be a big driver of performance."
Waddell agrees that New Zealand is in the middle of a golden phase.
"There are good systems, processes and leadership in New Zealand sport right now. We are working collaboratively and we are small enough that we can do that and not so big that we are clumsy. There is a lot of shared technology and coaches and high performance directors from various sports often get together." Although the Rio Olympics begin in less than a week, there is also an eye on Tokyo in 2020 and beyond.
"Tokyo has been discussed," said Waddell. "Not yet detailed planning but it is just around the corner. I think in most sports there is a focus on developing future talent, ensuring pathways and programmes for younger athletes that builds the base of the triangle. It's a cycle, and we have to ensure opportunities are always there."
