Cryptic crossword clue
One not expecting to win, top performer having entered prize ring 5

The most common and most likely answer to this crossword clue is the 5 letter word PACER

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Buddy explains!

The straight part
We know that "One not expecting to win" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case one not expecting to win = pacer.
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 PACER mean?

PACER noun
  1. One who paces.
  2. In harness racing, a horse with a gait in which the front and back legs on one side take a step together alternating with the legs on the other side; as opposed to a trotter.
  3. A pacemaker.
PACER noun
  1. A mechanical pencil.

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