Cryptic crossword clue
Winners and losers ultimately 9

The most common and most likely answer to this crossword clue is the 9 letter word FINALISTS

I've seen this crossword clue in Financial Times
F
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A
L
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S

Buddy explains!

The straight part
We know that "Winners and losers ultimately" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case winners and losers ultimately = finalists.
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 FINALISTS mean?

FINALISTS noun
  1. Somebody or something that appears in the final stage of a competition.
  2. A university student in his/her final year of study.

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