The instant invention is a deep water fishing rod and reel system. The fishing rod employs a substantially flat wishbone structure that eliminates the need for guides along the length of the rod by allowing the fishing line to between two elongated members that constituted the rod during flex conditions, such as when retrieving a fish. A swivel roller is placed at the distal end of the rod allowing fishing line from a reel to the swivel roller to pass unobstructed through the rod structure. An electric reel includes a cantilever spool having an enlarged interior allowing the fisherman to control free spooling by use of one or more fingers to frictionally engage the inner surface of the spool. A two stage drag system employs a first set of springs to allow free spooling with a hands off, minimal drag operation and a second set of springs for proper setting for the fish hauling.