Praise expert drinking cola, sated at last (8)
I believe the answer is:
accolade
'praise' is the definition.
(I've seen this before)
'expert drinking cola sated at last' is the wordplay.
'expert' becomes 'ace' (ace can informally mean very good).
'drinking' means one lot of letters goes inside another (inserted letters are consumed or drunk).
'at last' says to take the final letters.
The last letter of 'sated' is 'd'.
'cola'+'d'='colad'
'ace' placed around 'colad' is 'ACCOLADE'.
(Other definitions for accolade that I've seen before include "Public praise or award" , "Great praise or elevation to knighthood" , "Approval, acclaim" , "Special recognition of merit" , "Praise, or touch on shoulder to confer knighthood" .)