I was out on my local lake today and I tried to boat flip a 2/3 pounder like I've done many times before and the brakes on my reel gave out, the spool disengaged, line easily flew out of the reel (drag was very tight), and I lost the fish.  Has anyone else ever had this problem?  I can now reel hard backwards and make the spool give out all the time.  How do I repair this?  The reel in question is a BPS pro qualifier.

Take it to BPS, a qualified service tech will help you out - at least they have for me with similar situations. 

It sounds like the anti-reverse clutch bearing failed.  It is a clutch bearing that allows rotation in one direction but locks up in the other.  It is doubtful that it would work, but I think a wise first step would be to lube it.  After that, it's as has been suggested, talk to BPS.  I do believe that simple replacement of the bearing will not be super expensive.

I presume you have checked and there are no loose or missing parts, right?

Does "reel hard backward" mean that you can reel it backward but it takes a lot of torque to do so?  If yes, then the clutch bearing may be "skidding" due to lack of lube that is stopping the rollers from moving freely.  It may not be totally failed.  Look at your schematic, find one on line if you don't have it, and figure how to get some lube to it.  Long shot, maybe, but still a possibility.

2 hours ago, wnspain said:

Take it to BPS, a qualified service tech will help you out - at least they have for me with similar situations. 

And it's cheap.