Bay is clever after losing a second (5)

I believe the answer is:

bight

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'bay' is the definition.
(I know that bight is a type of bay)

I don't understand how the remainder of the clue works.

(Other definitions for bight that I've seen before include "Curve of shore" , "Large broad bay -- middle part of a slack rope" , "bend in river" , "Bay - bend in rope" , "Bay, sounds like a morsel of food" .)

I've seen this clue in the Sydney Morning Herald.

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