Cut second-place team (10)
I believe the answer is:
silverside
'cut' is the definition.
(I've seen this before)
'second-place team' is the wordplay.
'second place' becomes 'silver' (I've seen this in another clue).
'team' becomes 'side' (both can mean a sports team).
'silver'+'side'='SILVERSIDE'
(Other definitions for silverside that I've seen before include "Crown of a round of beef cut from the leg" , "piece of meat" , "Joint" , "Cut of meat" .)