Abstract: The fly fishing reel of this invention comprises a housing that includes a mounting shoe for attaching the reel to a fishing rod, a hub attached axially to the center of the housing, a spool containing a centrally mounted spindle supported within the hub, and an adjustable, highly effective and efficient drag system coupled between the spool and housing. The drag system is a unidirectional variable friction brake that includes a first and second inner bearing races and first and second outer bearing races. The inner bearing races each have convex hemispherical friction surfaces. The outer bearing races each have concave hemispherical friction surfaces. The outer races are rotationally fixed by interlocking geometry with the hub. The inner races encase a unidirectional roller clutch which receives the spindle attached to the spool. The hemispherical friction surfaces are longitudinally concentric with the rotational axis of the spindle.