Bag the prize (5)
I believe the answer is:
purse
This clue is a double definition.
'bag' is the first definition.
(purse is a kind of bag)
'the prize' is the second definition.
(I've seen this before)
(Other definitions for purse that I've seen before include "winnings" , "Compress (lips)" , "Prize in boxing" , "sometimes with strings attached?" , "Pucker (one's lips)" .)