Bow, rank being reduced (3)
I believe the answer is:
tie
'bow' is the definition.
(I've seen this in another clue)
'rank being reduced' is the wordplay.
'rank' becomes 'tier' (tier is a kind of rank).
'being reduced' means to remove the last letter.
'tier' with its final letter removed is 'TIE'.
(Other definitions for tie that I've seen before include "restraint" , "Secure - draw" , "Bind; be equal" , "Dead-heat" , "Failure to win" .)