Homeostasis is required in all living cells between salt and water. This allows the cells to perform many functions. Too much salt and all the water will be pulled out of the cells to try to maintain this balance and the cells will die of dehydration.
Saltwater fish are able to expel excess salt in their urine and secrete it through their gills in order to maintain this balance.
Sodium is one of the main ions used in sending signals through the body. If they absorbed all the salt, they whould experience spontaneous generation of signals all over the place. This includes the heart and other organs. If your heart is doing its own thing and not beating in order, it is not pushing blood very effectively so cells are not receiving the needed nutrients in a timely fashion. Cardiac arrest is likely.
More importantly it fucks up their water balance. Water follows salt. If there is more salt in the fish’s blood, the water from their cells comes out and the animal dehydrates. Most marine animals either have reniculated kidneys or salt glands that are specifically suited for excessive ion environments. Sea birds have salt glands near their eye that empties brine out their beak, sharks have rectal glands that does that same thing but out with their feces. Marine animals spend a lot of energy of getting ions out of their body (freshwater spend a lot getting them in), and maintaining proper water balance
Sharks and rays (cartilaginous fishes) actually do this. The body of the shark is normally isotonic to the seawater around it. This is known as osmoconformation, as opposed to osmoregulation as seen in other bony fish. Most marine invertebrates (i.e. most other sea creatures) are osmoconformers as well, although their ionic composition may be different from that of seawater.
In sharks and rays, they maintain their isotonic relationship to the seawater using urea and trimethylamine oxide (TMAO). The shark’s blood electrolyte composition is not similar to that of seawater, but maintains isotonicity with seawater by storing urea at high concentrations. Sharks are “ureotelic” animals that secrete urea to maintain osmotic balance. TMAO stabilizes proteins in the presence of high urea levels, preventing the disruption of peptide bonds that would otherwise occur at such high levels of urea.
Additional reading:
[Pang, 1977. Osmoregulation in Elasmobranchs](https://academic.oup.com/icb/article-pdf/17/2/365/6065335/17-2-365.pdf) (pdf link)
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