Raise standing entering competition (5,2)
I believe the answer is:
'raise' is the definition.
(to crank something up is to raise or lift it)
'standing entering competition' is the wordplay.
'standing' becomes 'rank' (I've seen this before).
'entering' is an insertion indicator.
'competition' becomes 'cup' (eg the FA Cup).
'rank' put within 'cup' is 'CRANK UP'.
(Other definitions for crank up that I've seen before include "Strengthen" , "Increase" .)