The most common and most likely answer to this crossword clue is the 9 letter word REPÊCHAGE
I've seen this crossword clue in The Guardian
R
E
P
Ã
Š
C
H
A
G
E
More clues leading to the result REPÊCHAGE
Buddy explains!
The straight part
We know that "A second chance for foiled contestants" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case a second chance for foiled contestants = repÊchage.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does REPÊCHAGE mean?
REPÊCHAGE noun- A heat (as in rowing or fencing) in which the best competitors who have lost in a previous round compete for a place or places yet left in the next round.