There is a new product called Never Wet or something made by Rustoleum I think....If you believe the commercials...WOW...
Mixed reviews but maybe worth a look

 

I have a pair of Cabelas Super Mag 5mm waders that seem to absorb moisture.

They aren't, Brian. Neoprene is waterproof. If what you are experiencing is the waders being wet inside after you wear them, it's just your sweat condensing.
You don't need to "waterproof" neoprene waders....they may leak, but they don't absorb water.

 

I have a pair of Cabelas Super Mag 5mm waders that seem to absorb moisture.

They aren't, Brian. Neoprene is waterproof. If what you are experiencing is the waders being wet inside after you wear them, it's just your sweat condensing.
You don't need to "waterproof" neoprene waders....they may leak, but they don't absorb water.

Well hold on a sec....my armor flex 5Mils do retain water due to the fabric on the outer layer (the armor) being kind of like a burlap texture....it you look at it under a microscope, I'm sure every one of those little "pores" have water in them....so while they may not actually absorb water, like a towel, they do remain wet....
But you're right, it's the texture, not the material....and spraying them wont help...

 

[....my armor flex 5Mils do retain water due to the fabric on the outer layer (the armor)... they do remain wet......

No argument there, Slack. The fabric sheathing on the exterior will get wet. My bad for not considering this to be what the OP was talking about.

 

[....my armor flex 5Mils do retain water due to the fabric on the outer layer (the armor)... they do remain wet......

No argument there, Slack. The fabric sheathing on the exterior will get wet. My bad for not considering this to be what the OP was talking about.

Didn't occur to me either until I remembered my own waders...I don't know what's going on with the wader industry these days...they all suck and they fit awful. Now you have to measure inseam like you are buying skinny jeans or something....I need knew ones now..the ones I ordered from Cab's come up to my man nips only! More BS.....