That sounds as if the governor spring had been damaged (stretched), or the bent tin bracket that holds one end of it was bent out of position. If the spring is no longer close-coiled, it would be best to get a new one.

If the reel edges are rounded, it does sound as if it is very blunt. The bed knife (fixed blade) is probably blunt as well. How much meat is left on the reel, to allow future sharpening? Normally the reel and bed knife are both sharpened together, by someone with experience. Our reel mower guru, Deejay, recommends asking the local bowls club greenkeepers to tell you who sharpens their mowers.