Draw level? Not quite (3)
I believe the answer is:
tie
'draw' is the definition.
('tie' can be a synonym of 'draw')
'level? not quite' is the wordplay.
'level?' becomes 'tier' ('tier' can be a synonym of 'level').
'not quite' means to remove the last letter.
'tier' with its final letter taken away is 'TIE'.
(Other definitions for tie that I've seen before include "Fasten the neckwear" , "Gentleman's item of clothing" , "Obligation" , "Stalemate" , "Restrict; link" .)