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Yes, there's a lot more brake pedal travel when this condition occurs.

Fascinating.

Per chance, are you applying your brakes hard after you exit the water when this happens? It might be possible that the screw threads of the star wheel adjuster assembly are partially stripped, or the female portion is cracked, and the unit gets compressed under hard braking. You wouldn't pick this up on a static test, but you should be able to duplicate it with hard braking while rolling, even on dry pavement.

'97 T-100 SR5
'86 Toyota's, the variety pack (all gone)