I did that last year except it was my favorite $140 spinning rod. Spent an hour trying to retrieve from 14 feet of water until the wife made me leave it. Came back the next morning and finally got it on my "last try". Cleaned her up and works good as new despite being under water for a day.
Sorry to hear that. Lost the one my grandfather gave all his grandsons - yellow handled buck knife - chopping bait on a boat in Sam Rayburn in about 1973. I won't carry a knife near the water any more. Too many corroded or, worse, lost.