Underwater remotely operated vehicles (ROVs) are linked to the surface through a tether that is usually controlled by a human operator. The length of the tether being deployed in the water in real time is a critical determinant of the success of the mission, and the problems of entanglement and cable stretching must be anticipated to the greatest possible extent. This paper describes a low-cost and setup-friendly solution for managing the length of a neutrally buoyant tether using a balanced buoy–ballast system implemented on the part of the tether proximal to the ROV. Embedded in the system is a curvature sensor that helps to control the cable feeder on the surface. This represents a useful solution for smoothing tether movements and to damp external disturbances. The results of experiments carried out in water tanks demonstrate the benefits of this solution in allowing the cable to maintain a semi-stretched shape while ensuring that the ROV avoids being pulled by the cable. Possible applications for a surface vehicle linked to an ROV through a tether equipped with this compliant buoy–ballast system include exploration or cartography missions in shallow waters.