The phrase "final reel" refers to the last part of a movie or story, typically when everything comes together and the end is revealed. It is like the climax or conclusion of a film. Full definition
Note: final reel of isolated track badly faded and muffled. (kqek.com)
Invigorated by taking a caustic swipe at the studio machine with The Player, Altman enjoyed a golden years» renaissance with Short Cuts and Gosford Park providing final reel highlights. (filmireland.net)
After a number of archival film elements were scanned at 4K resolution at Warner Bros.» in - house Motion Picture Imaging lab in Burbank, the original camera negative of the film came to light, providing the basis for the majority of the restoration — that is, until the negative's inferior final reel necessitated dipping into another archive altogether. (criterion.com)