You find the rod with the most line/beefiest reel, tie the line from that on to the rod with the fish on very securely, then toss the first rod overboard.Maybe stupid question, but what exactly happens when you get spooled? Lose your fly line? Hope your knot at the fly breaks before your knot at the spool?
Part of me thinks it would be a lot of fun to hook a giant, and part of me thinks it just sounds like work.