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By wavy I'm assuming you mean high and low points. The first thing I would check is to make sure your knives don't need replacing/sharpening. Also, do you have infeed/outfeed tables? If so, check to ensure that are level with the planers table.
I do have in-feed and out-feed tables but the wavy (uneveness) is across the board in relation to the planer. Front to back is OK but I will have 1/16 higher or lower as you go across the board, if that makes sense.
If I'm understanding you correctly it sounds like you have some sort of problem with the cutter head height setting mechanism. Sounds like as the board passes through the planer the cutter head is moving downward. I don't own a Delta so I'm not that familiar with them. What model number do you have? Hopefully someone here will have the model you're talking about and can help you out better than I can.
~~Don't worry about old age; it doesn't last that long.