You land in the water! (How does one LAND in WATER?)
Aside from the semantic issues, impacting the water at 120 mph (your terminal velocity in a spread-eagle posture) is as likely to result in death...
An apparatus used to retard free fall from an aircraft, consisting of a light, usually hemispherical canopy attached by cords to a harness and worn or stored folded until deployed in descent.
You're doing heavy drops, correct? If you drop personnel one parachute (not counting the reserve--you never want to be under both at the same time!) is all you need anyway, and two parachutes could...