Were it me, and it was the Mr Crappie Slab Daddy baitcast reel, I'd contact Wally and ask him about sending me another reel, especially if the reel is still under warranty. (& probably even if it wasn't )
Sounds like the kick back spring in the thumb bar has either broken or come out of its proper position. I'm sure there's replacement springs to be had, or reel repair people that could fix it for you, but the repair/shipping costs may be more than the $40 for a brand new one.