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Water damage - warping...Grade?

Picked up a Lew Alcindor RC. It has water damage and is slightly warped in two places, causing some surface wrinkles. Wrinkles aside (which make it a PSA 4 automatically) do you think the warping knocks it down even lower? No visible stains from what I can see or other defects, actually a decent looking card, just some fading on the back of the card.

In case anyone was wondering, it was ten bucks off ebay BIN, and I've always wanted one.
Kiss me once, shame on you.
Kiss me twice.....let's party.

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