Had the same thing happen a few years back over in Cape Cod Bay off of Dennis by the #1 buoy. Had on an orange Hootchie with a red pork rind on the tail hook. Caught a couple blues then a couple big sportfisherman pull up around us and over go the spreader rigs with the plastic squids. So we are all trolling the same area and it was quite overcast but very calm and warm when all of a sudden one of my rods goes over and before I can get it out of the holder I am into the backing ( 80 lb. dacron) and the old penn is screaming. I look out to see a Bluefin about 300 lbs. with my orange hootchie hanging out of it's mouth breach the surface and crash back in. In seconds it was gone. Line, wire, everything. The spindle of the Penn's spool was bent in a vee when the line had run out and the knot was reached connecting the backing to the spool. The reel was junk and un-fixable.
