This large mushroom has a moist, reddish-brown cap bell-shaped cap that becomes convex, then flat; 2 to 5 inches across. The moderately-broad gills attach to the stem. They're cinnamon-colored before the spores color them rust-red.
The cobweb-like partial veil leaves 1 to 4 zones of reddish fibrils that look like a bracelet around the stem, accounting for the mushroom's common name.
Bracelet Cortinarius
Note the characteristic orange bands around the stalk.
The solid, fibrous, brownish club-shaped stalk is 3 to 6 inches long, 3/8 to 3/4 inches thick.
This common mushroom grows in deciduous and coniferous woods throughout the eastern half of North America in the late summer and fall.
Although people have eaten this mediocre-tasting mushroom, with no obvious ill effects, because of the unknown risk of kidney damage in this group, I strongly recommend you avoid eating this species.