Sharks occupy many positions in marine food webs. Their disappearance would not empty the ocean, but it could reorganize predator-prey relationships.
What changes first
The effects would differ among shark species and ecosystems. Some prey populations could increase, while other predators and scavengers might expand into newly available niches. The long-term outcome would depend on the entire food web.
The physical or biological constraint
The scenario should be treated as a thought experiment. Where the consequences depend on unknown parameters, there is no single precise outcome.