The most common and most likely answer to this crossword clue is the 9 letter word TOP-NOTCH
I've seen this crossword clue in Financial Times
T
O
P
-
N
O
T
C
H
More clues leading to the result TOP-NOTCH
Buddy explains!
The straight part
We know that "Excellent" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case excellent = top-notch.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 TOP-NOTCH mean?
TOP-NOTCH adjective- Very good; of the highest level or quality.