Got a knife but from that position with my kayak pushing weight on the rod and lure I couldn't move much. Not to mention that the waves kept splashing and could barely see underwater. Had @dingokevin cut the lure free for me. That's a good knife, thanks for sharing the link.
Thanks Mr. NiceGuy. Yes, my gaff was secured on the left side of my yak and it's got a rubber cap on it. "Luckily", I was thrown out on the ride side. I bet that if I had hit the gaff the cap would have come off. It was so forceful that my Rapala bent the rod guide and broke the inner ring. I got "lucky" I guess.