The most common and most likely answer to this crossword clue is the 7 letter word TRUANTS
I've seen this crossword clue in The Daily Telegraph
T
R
U
A
N
T
S
More clues leading to the result TRUANTS
Buddy explains!
The straight part
We know that "players out of form" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case players out of form = truants.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 TRUANTS mean?
TRUANTS noun- One who is absent without permission, especially from school.