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Sounds like it's an old Penn drag? Nothing to do but wrestle it out of there and either clean the current washers or replace them. I bet a call to VS could get a graphite drag stack sent out for cheap money so you don't have to worry about destroying the current one during removal.
What I often see happen is salt and corrosion build up resulting in what you're finding, an always on drag.
If it's a newer waterproof drag then I have no idea what's going on in there, never been inside one.
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