Right. We’ve established that diving nose first into a body of water at flying speed will cause any large airplane to completely disintegrate, and any small airplane to break into many pieces. However, as mentioned upthread, it is possible to land on the water, as evidenced by hundreds of amphibious airplanes and also, famously, by USAir 1549.
I’d bet that an intact airplane that has sunk would glide underwater just fine. There are plenty of examples of autonomous underwater gliders that look remarkably similar to subsonic cruise missiles, which in turn look a lot like airplanes. These gliders use compressed air, a pump and a bladder to change their buoyancy. As they begin to move vertically in the water column, the wings generate lift (up or down) propelling the craft forward. They cruise around the oceans at 1-2 mph, slowly ascending and descending for weeks on end, all the time in an underwater glide. With that said, an airliner would most certainly be on a one-way trip to the bottom.
The principles are the same, so long as the airplane has survived the landing. If the engines stayed on during the ditching, the center of gravity will maintain its position relative to the center of pressure and the airplane should work its way into a stable glide. While I don’t remember enough of my aerodynamics/fluid dynamics to do the math, the forces involved should remain relatively balanced, even if the Reynolds number is extremely low.
Weight will be reduced by the amount of water displaced by the aircraft structure (negligible in the case of an airliner). Buoyancy doesn’t come into play because airplane fuselages are not airtight. Even if they were, they are built to contain tension, not resist compression. An air-filled fuselage would quickly collapse as it sank. My guess is that 5-10 psi (10-20 ft underwater) would be plenty to cause catastrophic failure. If that happened, you’d have a hulk of metal plummeting to the sea floor.
Drag will obviously be very high, but so will lift. As with any glider, thrust is provided by the forward pointing component of gravity.
My WAG is that an intact airliner would glide to the bottom relatively slowly (maybe 50 mph?) and steeply (45°?), and probably break in half upon impact with the seabed. The Boeing 787 might be an exception, as the composite fuselage structure just might be strong enough to resist crumpling under the force of impact. A small airplane would probably stay in one piece.
Upon review, ninja’d by GusNSpot.