Atlantic cod Gadus morhua in the southern Gulf of St. Lawrence (sGSL) declined to low abundance in the early 1990s and have since failed to recover due to high natural mortality, which has been linked to predation by grey seals Halichoerus grypus. Increased grey seal harvests have been suggested to improve cod survival; however, predicting the response of cod to changes in seal abundance in the sGSL is complicated by a hypothesized triangular food web involving seals, cod, and small pelagic fishes, wherein the pelagic fishes are prey for cod and grey seals, but may also prey on young cod. Grey seals may therefore have an indirect positive effect on pre-recruit cod survival via predation on pelagic fish. Using a multispecies model of intermediate complexity fitted to various scientific and fisheries data, we found that seal predation accounted for the majority of recent cod mortality and that cod will likely be extirpated without a strong and rapid reduction in grey seal abundance. We did not find evidence that reducing grey seal abundance will impair cod recovery by causing large increases in pelagic biomass so long as pelagic fishing mortality continues at historical levels.