I read about that this AM. Such a tragedy. First rule is always have a life jacket, and safety harness on any racing boats. Apprently the crew had life vests on, but no safety harnesses. Now there are personal locator beacons, which cost just a couple of hundred dollars--they will save a life. One of the problems in the SF area is the water temp. Today it is 52 degrees. Mean survival time in this water temp is 2.5 hours. But the effects of hypothermia begin long before this--and sometimes the cold water shock may cause cardiac arrhythmias and death. If no life jacket and heavy seas, drowning may occur sooner.
However, it sounds as if the boat was close to the Island when it was slammed by the first sea--and when they turned around to try and rescue the 5 crew members who were washed overboard, the boat went on the rocks.... From the photo it looks as if the sails were still up when they tried to get the crew members. Generally protocol is to get canvas off, and start the engine ASAP if a crew member goes overboard. In that wind and seas, you just don't have enough control with sails only.