Reportedly outstanding lyric poem (3)
I believe the answer is:
ode
'lyric poem' is the definition.
(ode is a kind of lyric poem)
'reportedly outstanding' is the wordplay.
'reportedly' shows a homophone (sound like).
'outstanding' becomes 'owed' ('owed' can be a synonym of 'outstanding').
'owed' is a homophone of 'ODE'.
(Other definitions for ode that I've seen before include "Lyric poem" , "Verse form" , "Poem in praise of doe" , "(Railway)system" , "Literary work" .)