Cryptic crossword clue
Contest broadcast on TV — in which case something valuable? 5,3

The most common and most likely answer to this crossword clue is the 5 plus 3 letter word JEWEL BOX

I've seen this crossword clue in The Times
J
E
W
E
L
B
O
X

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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.

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