The most common and most likely answer to this crossword clue is the 12 plus 4 letter word DOG-AND-PONY SHOW
D
O
G
-
A
N
D
-
P
O
N
Y
S
H
O
W
Buddy explains!
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.