This study examined the effects of cold water immersion (CWI), thermoneutral water immersion placebo (TWP), and thermoneutral water immersion control (TWI) on recovery from high-intensity interval training. Thirty males performed interval sprints followed by 15 minutes of one of the three recovery conditions. The study found that ratings of readiness for exercise, pain, and vigor were significantly better in CWI and TWP compared to TWI, but similar between CWI and TWP. This suggests that the benefits of CWI may be partly due to the placebo effect rather than just physiological factors.