On Saturday, the team posed for a photo on a beach in Bermuda.
Investigators have not ruled out foul play.
Mark Dombroski, a freshman at St. Joseph's University in Philadelphia, was visiting Bermuda to take part in the Ariel Re Bermuda International 7's Tournament, but has not been seen since a night out on Sunday night.
A marine unit scoured the harbor, police reviewed surveillance footage and Dombroski's family and other searchers tried retracing his steps but found no immediate sign of the slender 6-footer, a Saint Joseph's freshman from the Philadelphia suburb of Media. "We thank the citizens of Bermuda".
Dombroski had been relaxing at The Dog House, a bar and restaurant in the capital of Hamilton, when he left by himself after midnight early Sunday, police officials said.
He expressed his "heartfelt condolences to his family and friends" after an intensive search for local authorities, volunteers, and relatives of the student.
Mark Dombrowski was last seen at a bar early Sunday morning.
The Bermuda Police Service said a news conference would be held later Monday. She added that it looked like "he wanted to get going" and go back to the hotel.
ABC News reports that the team was visiting Bermuda to partake in the Ariel Re Bermuda International 7's Tournament, in which several USA colleges competed. The team from Saint Joseph's was among more than 20 taking part.
The search for Dombroski concentrated on a wooded area known as the Arboretum near the sports center where the team had been competing, according to the AP.
"The Saint Joseph's University community is heartbroken tonight to learn from the Bermuda Police Services (BPS) in Hamilton that student Mark Dombroski has died".
On Monday, police confirmed they had located Dombroski's body, though no cause of death was immediately announced, according to the Associated Press.