Award Savage a very low mark for wit (5,5)
I believe the answer is:
oscar wilde
'for wit' is the definition.
(Oscar Wilde was famously witty)
'award savage a very low mark' is the wordplay.
'award' becomes 'oscar' (Academy Award).
'savage' becomes 'wild' (synonyms).
'a very low mark' becomes 'E' (academic grade).
'oscar'+'wild'+'e'='OSCAR WILDE'
(Other definitions for oscar wilde that I've seen before include "dramatist" , "Irish writer and wit" , "Irish-born writer and wit (1854-1900)" , "He had nothing to declare but his genius" , "playwright" .)