Fish blood clots in water. Putting them in the water will usually stop the bleeding. The faster you stop it the better their chance of survival. The “Mountain Dew” trick supposedly has two qualities, the water clots and the citric acid does something else.
Get it clotted or release the fish quickly and the majority of deep hooked fish will survive. I have gotten away from “cut it off and leave it” because my last two that were hooked in the gullet died in the livewell. When I have removed the hook even though they bled pretty bad, they survived the rest of the day.
2015 Skeeter FX 21
...and down goes PhotoBucket with the new Terms of Service... I predict they will be out of business or begging for forgiveness inside a month. 6/30/2017