Nothing happens. The teams that lost the respective players simply sign another to replace them.
This story is pretty tragic. From what I read, the lone surviving player (a former U of South Florida player), said that the 15 foot waves repeatedly slammed the overturned boat, and that the two NFL players simply gave up. They removed their life vests and let themselves drift out to sea. The survivor said that waves would push them away from the boat and they kept swimming back to it. That would tire anyone out real quick. The other guy (another former USF player) didn't even have a life vest and was trying to stay afloat with a cushion. He was said to have tried to swim for help as he supposedly saw a light in the distance.
Such a terrible fate to die alone at sea.
...and so Hurley said: "Get your money, man. Don't be no couch potato hustla."