No Speed
 

I have owned a 96 Z201 Mariah Talari for 4 years now and this has never happened. We had 4 adults and 3 kids in the boat when this started. Trimmed up and going about 45mph, heard a small clicking noise, smelled light rubber smell, and fell to about 10 to 12 mph. Would not tach up while in gear but revs normal in neutral. ANY IDEAS ?