This is an easy question. Regardless of how bad the fish is bleading, or even if it is totally dead you have to release it, if it is the law.

The whole idea of keeping the fish using the argument that you "do not want it to go to waste" is seriously flawed!!! Letting the fish die in the river provides food for insects and smolts. You are helping the ecosystem by letting the fish die in the river. Period.

SA