In this work, a simple propagation channel model for microwave-based pinless subsea connectors in the 5 GHz band is presented. Both high electromagnetic attenuation in seawater due to absorption and the near-field working conditions typically present for underwater connectors are taken into consideration. Therefore, a simplified path loss model based on linear regression is identified. The study shows that high-speed pinless subsea connectors are a reality over several cm of seawater gap when appropriate microwave receiver technology is selected with sensitivities of about-100 dBm. Experimental results show that both half-duplex gigabits-per-second and full-duplex 100-Mbps technologies have a strong potential to be developed in the 5 GHz band.