Abstract: A fishing reel employing an adjustable, lightweight and smooth operating drag mechanism for producing rotational drag on the rotation of the line spool in one direction. A frame includes a stationary spindle which houses a radially expandable drag adjustable by a drag knob which threads into the spindle. A bushing is rotatably disposed on the spindle and has an internal surface which frictionally engages with a radially expandable brake of the spindle to provide drag on the bushing. A line spool rotatably mounts to the bushing and includes a lock which engage the bushing when the line spool is rotated in a first direction to lock the rotation of the line spool to the rotation of the bushing in the first direction and thereby provide adjustable drag on the rotation of the line spool. The lock allows free rotation in a second reverse direction, such as when reeling line onto the line spool.