BITD I rode my top end bike through floods that were over the top of the front wheel, ie. about 30" or so deep. On another occasion, I retrieved it from the bottom of a lake, in about 10 feet of water.

In both cases, I drained the bike, let it dry while riding it, and did absolutely nothing else. That bike went past 50,000 miles with no bearing failures, except for headsets (but not because of rust).

IMO the most important thing to do with a wet bike is to ride it, because water collects at the edges of parts that meet with narrow gaps, ie. the edges of each ball. Keeping it moving prevents rust from forming in those places. (kind of "a rolling stone gathers no moss").