A reaming instrument, in accordance with one embodiment, includes a rotatable cutting head and a cutting face on a distal end of the cutting head. At least one radially displaceable cutting element has a cutting edge projecting in a distal direction from the cutting face. An adjustment element is operable to displace the cutting element toward a fully retracted state, or toward a fully expanded state. In another embodiment, a method of modifying a bone surface includes displacing at least one cutting element on a reamer instrument to a fully retracted state, inserting the instrument into a human or animal, operating an adjustment element to displace the cutting element toward an expanded state, and activating the cutting head to begin cutting the bone.