It's a stack of friction discs on a fishing reel that can be tightened or loosened to adjust the amount of line tension required to cause the spool of a fishing reel to freewheel. If the drag (brake) is set to tight, the spool will not turn before the line breaks. If it is not tight enough, the spool will spin too freely, and the line will then tangle up. At least, that's what I think of when the word is used in relation to fishing.
I agree!