A relatively lighter fishing reel with a spool having an inner annular member with circumferentially spaced indentations or gaps on the outer edge of the periphery which coacts with a spring and pawl assembly to prevent free spinning of the spool during payout and retrieval of the fishing line. The operative coaction of this mechanism and a unidirectional roller clutch bearing for rotationally mounting the spool with a manually adjustable drag assembly act to control the forces and tensions acting during payout of the fishing line in the use of the fly fishing reel.