Quote - While I was looking at all the reference pictures I saw this effect but wasn't really thinking about it until kawecki mentioned it. I think for what we want to do, and the depth at which we are working (100 feet), this is maybe not really a consideration or something that needs to be taken into account.

The effect is still important even at low depth. At depth of 30 m we can ignore the attenuation of sun light coming from above, but we cannot ignore the effect of light traveling in horizontal direction through water.
A red submarine that is near the camera should look red and another red submarine that is one kilometer far away must look black, while a near blue submarine will look blue and another far away blue submarine still will continue to look blue.
This problem can be solved if we can assign different attenuation values for each RGB component with Red component having the bigger attenuation and blue the smaller.
I suppose that we can continue to use the same function for each component only changing the factors for R,G and B

Stupidity also evolves!