Old king accommodating theologian and cook (6)
I believe the answer is:
coddle
'cook' is the definition.
(coddling is a kind of cooking)
'old king accommodating theologian' is the wordplay.
'old king' becomes 'cole'.
'accommodating' means one lot of letters goes inside another.
'theologian' becomes 'dd' (Doctor of Divinity degree).
'cole' placed around 'dd' is 'CODDLE'.
'and' acts as a link.
(Other definitions for coddle that I've seen before include "Cook (egg) in water below boiling point" , "Cook in nearly-boiling water" , "Cosset - pamper" , "Spoil, pamper" , "Cook (eggs) in hot water - pamper" .)