The most common and most likely answer to this crossword clue is the 8 letter word COMEDOWN
I've seen this crossword clue in The Times
C
O
M
E
D
O
W
N
More clues leading to the result COMEDOWN
- Amusing drama cut to allow bathos?
- Jokes, mostly personal, causing degradation
- Blackhead — with new sense of disappointment
- Light show failing to finish: private disappointment
- Leave university in depressed state
- Most of farce has now gone into decline
- Humiliating return from a summit meeting?
- Disappointment about protest turning personal
- Deflation that’s inevitable after mountain-top experience?
- Funny play deficient, now sadly a disappointment
Buddy explains!

The straight part
We know that "degradation" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case degradation = comedown.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 COMEDOWN mean?
COMEDOWN noun- A sudden drop to a lower status, condition or level; a disappointment or letdown
- A calm, mellow period experienced after the initial high from taking drugs