A person in a boat drops a cannonball overboard; does the water level change?

The cannonball in the boat displaces an amount of water equal to the MASS
of the cannonball.  The cannonball in the water displaces an amount of water
equal to the VOLUME of the cannonball.  Water is unable to support the
level of salinity it would take to make it as dense as a cannonball, so the
first amount is definitely more than the second amount, and the water level
drops.