A centrifugal braking mechanism is a device for braking a spool that is rotatably supported in a reel body. The braking mechanism uses centrifugal forces in order to produce braking force against rotation of the spool. The braking mechanism includes a plurality of brake members, a brake housing having a cylindrically shaped brake liner, and an adjusting mechanism. Each of the plurality of brake members is configured to move in a radially outward direction relative to the spool in response to rotation of the spool. The brake housing and brake liner are moveable in an axial direction relative to the spool and brake members such that any selected number of the brake members may contact the brake liner to generate the braking force. The adjusting mechanism is used to selectively move the brake housing and brake liner into any of a plurality of axial positions thereby determining the number of brake members that are contactable with the brake liner in response to centrifugal force. The level of braking force desired is determined by the number of brake members that may contact the brake liner.