Sharks are over 400 millions old and yet their size of the brain is that of a golf ball. And that's a stretch - some say it is actually the size of a pea. And 2/3 of their brain is devoted to smell and that's why and how they can smell blood from miles away. So if you are going to be in deep water, make sure you don't bleed at any cost.
Interesting to note that given their existence which is over 400 million years old, their brain haven't evolved even one bit. They remain just the same over all these years of evaluation.