Lott was taken to the hospital in critical condition and was pronounced dead Sunday, according to St. Augustine Beach police.
Lott was a senior at Lowndes High School.
The Lowndes Vikings Football Facebook page shared a photo of Lott, saying the team's thoughts and prayers go out to his family during this tragic time.
Valdosta City Schools shared the post, saying "Our hearts ache for our Viking family today. The loss of a young life is always impossible to understand. We will continue to keep each of you in our thoughts during the days to come."
Lt. Lucas Smith with St. Johns County Fire Rescue said rip currents were a risk at the beach Sunday.
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A red flag warning was in effect when Lott went missing.
Two other people drowned in St. Simons Island, Georgia, on Sunday.
Police said Gregory Grant, 39, of Brunswick, Georgia, went into the water to help a woman and a child who were struggling to get back to shore.
The woman, 34-year-old Aleisha Rankin of Jesup, Georgia, and the toddler child made it back to land but Grant never resurfaced.
Rankin was taken to Southeast Georgia Health System – Brunswick Campus in critical condition, where she died. Police said the toddler is in good condition.