Snap ring in place?
No visible damage to the underside of the knob?
Backing under braid?
If it's all yes to the above, the only thing that I can see is that something is keeping the spool from sitting all the way down on the shaft. Missing teflon thrust washer? Some kind of obstruction underneath the spool?
If the washers were in the wrong order, the drag would tighten and finally lock up on you.
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