Disclosed is a system for regulating fishing line tension. The system comprises a plurality of line retainers. Each line retainer comprises a holder on which the line rests, an elongated portion, and a clip that is attached to the surface of a fishing rod proximate the handle. The line retainer may be fabricated as one seamless piece of resilient material or may comprise at least two pieces of different material. The method for regulating the free spooling of a fishing line enables a fishing enthusiast to regulate tension on the fishing line with an open bail or in the free spool position on the drag system.