On paper all the players are depressed (8)

I believe the answer is:

downcast

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'are depressed' is the definition.
(synonyms)

'on paper all the players' is the wordplay.
'on paper' becomes 'down' (I can't justify this - if you can you should give a lot more credence to this answer).
'all the players' becomes 'cast' (group of actors).
'down'+'cast'='DOWNCAST'

Can you help me to learn more?

(Other definitions for downcast that I've seen before include "disheartened" , "Feeling despondent" , "Dejected and discouraged" , "Low in spirits" , "Crestfallen" .)

I've seen this clue in The Globe and Mail.

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