An orthopedic drill bit that is configurable to form a first bone tunnel having a first bore when inserted through a bone and a second, larger bore as the drill is partially withdrawn from bone to produce a reverse counterbore for accepting an anchor. The drill bit has a shaft with a pivotal cutting tip that is movable from a narrow boring configuration into a wider boring configuration. The drill bit has a body enclosing the shaft that is biased into engagement with the cutting tip. Rotation of the body allow a user to move the cutting tip from the narrower bore configuration used to drill a pilot hole into a wider bore configuration used to drill a reverse counterbore for accepting the anchor.
