A fishing reel including: a housing with a side plate, a gear stud rotatably disposed relative to the housing to rotate about a first axis, and a main gear concentrically disposed relative to the gear stud. The main gear interacts with another gear to rotate a spool about a second axis. The reel also includes a drag stack concentrically disposed relative to the gear stud, a one way clutch concentrically disposed relative to the gear stud, and a clutch sleeve disposed within and engaging the one-way clutch. The clutch sleeve is constrained to rotate with the gear stud. The reel further includes an adjustment member disposed outside the housing that provides a user interface for adjusting a desired drag, and a drag adjuster that transmits drag adjustments from the adjustment member to the drag stack without axially displacing the clutch sleeve.