When submitted to high external pressure, flexible pipes may collapse. If the external sheath is damaged, all the external pressure is directly applied on the internal polymeric layer that transmits the loading to the carcass layer, which can fail due to this effect, leading to wet collapse. This failure mode must be taken into account in a flexible pipe design. A model can be set up neglecting the influence of the pressure armor, but this assumption may underestimate the wet collapse pressure value. This work aims to include the pressure armor effect in the numerical prediction of wet collapse. The main contribution of the pressure armor to the flexible pipe resistance to collapse is to be a constraint to the radial displacement of the carcass and the internal polymeric layers. Two models were developed to find the wet collapse pressure in flexible pipes. A first study was done using a ring approximation three-dimensional (3D) finite element method (FEM) model. Comparisons are made with more simplified models using a 3D FEM equivalent ring approximation. The aim is to clarify the mechanical behavior of the pressure armor in the wet collapse scenario. Parametric studies of initial ovalization of carcass and initial gaps and interference between polymeric layer and pressure armor are made and discussed.