Abstract: This invention relates to a fishing reel which has free spooling, variable drag, and lock up action controlled by an exterior lever. The lever is cammed to a draw rod, which, in turn, through a floating contact, pins journalled through the reel housing, and a thrust bearing, urges a brake disk against a brake lining fixed to the spool. The floating contact is adjustable for presetting the maximum drag and provides smooth operation even under conditions of a warped brake disk or uneven brake lining. And use of approximately a dozen pressure pins, depending on reel size, avoids pressure warpage of the thrust bearing race and consequent binding during maximum drag operation. The brake disk, floating contact, journalled pins, and thrust bearing are located in a housing opposite that containing the lever, winding handle, and a second thrust bearing for the spool and thereby permit easy access for repair.