@cajunphone if you looked over the board you obviously will have to remove all the EMI shileds. You got at least 60% of your boards components covered with those. You cannot do a proper "inspection" without removing those.
I suggest you treat this just like any other water damaged iPhone. The very first thing you want to do is to clean it. Disassemble your phone using this guide. You must remove all EMI shields. If you do not remove those, you might as well not do anything. After you removed those, clean the whole board, connectors and all with +90% isopropyl alcohol. Just soaking it will not help. Follow this guide , and even so it was written for a 3G all the points are still pertinent to your phone. While you clean your board, check for any obvious damage, like burned or missing components etc. When it is properly cleaned, replace the battery. All these steps are to avoid delayed failure caused by corrosion. Best thing to do would be to clean it with an ultrasonic cleaner, but if you do not have access to one, this will at least help. Once all this is done, reassemble your phone, replace your batteryand reevaluate. Until it is cleaned, everything will only be a guess. Even with all this, water damage has only a small chance to be fully repaired, but at least you can give it a try.
The component you are looking at (large IC) is the Murata 339S0228 Wi-Fi Module