A fishing reel can comprise a lever actuated drag mechanism within a reel housing with a lever projecting from the housing. A fine drag adjuster can be adjusted independently of the lever. The drag mechanism can include plural cams and cam engagers spaced about the periphery of a drag plate. An anti-rotation mechanism can have plural flexure members that engage teeth at the periphery of a dog wheel and at a location closer to the exterior of the reel housing than a spool supporting spindle. The spindle can be supported for axial movement to facilitate fine drag adjustment and can be restricted against rotational motion. A planetary or other handle operated drive mechanism can be used.
