In another entry, I've talked about our experience with Sports Den's guided fishing tour. The King Salmon fishing trip is something that many do while in Anchorage. We highly recommend it!
The other fishing that we observed on the Kenai Peninsula was fly fishing on the Russian River just above where it intersects with the Kenai. Fishermen (and women) here are looking to catch smaller varieties of salmon. When we drove by the area in the morning, there were people literally shoulder to shoulder. I don't know how anyone got any fishing done in such tight quarters.
The photos attached to this journal were taken around 7:30pm. As you can see, there are still a lot of people in the river fishing. With waters around 50 degrees, I don't know that I would be able to stand there for hours fishing.
Throughout the Kenai Peninsula keep your eyes on the lookout for bald eagles. We saw several, especially near bodies of water. You may also see moose and bears (both grizzlies and black bears).