The most common and most likely answer to this crossword clue is the 8 letter word HEADIEST
I've seen this crossword clue in The Times
H
E
A
D
I
E
S
T
More clues leading to the result HEADIEST
Buddy explains!

The straight part
We know that "Most exciting" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case most exciting = headiest.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 HEADIEST mean?
HEADIEST adjective- Intoxicating or stupefying.
- Tending to upset the mind or senses.
- Exhilarating.
- Intellectual.
- Rash or impetuous.