A friend accidently dropped his rod/reel in the lake while fishing off a dock the other night.                                         We retrieved his outfit, but right away it felt sluggish and hard to crank.                   This was a newer Pflueger Trion spinning reel, size 35. When he got home he removed the spool, and the handle assembly, and layed  the reel on its side for two days.                                  He then removed the side plate, and cleaned out some of the factory grease, also putting one drop of oil on the bearings, handle knob, bail assembly, and line roller.                                  He called last night to report that his reel was working perfectly, and was as good as new.It was a shock to me, how quickly this reel became hard to turn- basically unfishable.           I know some of the better reels on the market have various seals which can help protect the bearings, gears, etc from water. I'm not sure how well these seals actually work?           Luckily I've never dunked a reel. I'm not sure if certain brands would be more prone to becoming hard to crank after water gets inside?                                         For those that have dunked a reel, have you noticed this with any particular brands?

In my experience, it usually comes down to the quality of the bearings. Cheap reels with chrome bearings will rust quickly if dunked. Stainless steel bearings will hold up a bit better. Unless the bearings themselves are sealed, I cant see reel seals offering much protection from dunking.

If the water is muddy or has a lot of small particulates in it, that can gum up a reel pretty quick. 

I have dunked some of my older shimano spinning reels while river wade fishing. Never had any issues, just kept fishing them.

I've dunked a Pflueger President before and I noticed a major difference in cranking ease, immediately.  I didn't do anything to remedy it other than set it aside and fish with another rig.  It was seemingly back to normal the next time I fished.

As long as there was not a lot of sediment and the reel was able to dry out a bit in the sun, it should be good to go.  If it feels a little rough, just clean it and add a few drops of oil. 

The felt drag washers get soaked and swell up pinching the main shaft as it oscillates. The permanent fix is Carbontex. An alternative is to keep them greased up. Has nothing to do with bearings or gears however, keeping them clean and lubricated is obviously essential for long life.