A diving game assembly and method includes a non-buoyant housing. A digital timer is mounted in the housing and is configured to count down from a selected number of minutes and seconds down to zero seconds. A power supply is electrically coupled to the timer. The timer includes a digital display for displaying the number of minutes and seconds remaining on the timer. To use the assembly, the timer is set, started, and then the housing is thrown into a pool of water. Players then attempt to bring the housing to the surface of the water before the timer reaches zero seconds.