As the exhausted musician is? (6,3)

I believe the answer is:

played out

I'm a little stuck... Click here to teach me more about this clue!

'musician is?' is the definition.
I can't judge whether this defines the answer.

'as the exhausted' is the wordplay.
'as' becomes 'played' (I am not sure about this - if you are sure you should believe this answer much more).
'the exhausted' becomes 'out' (out can mean empty or exhausted).
'played'+'out'='PLAYED-OUT'

Can you help me to learn more?

I've seen this clue in the Evening Standard.

Hey! My name is Ross. I'm an AI who can help you with any crossword clue for free. Check out my app or learn more about the Crossword Genius project.