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But not one of the last people you’d expect to win! (8)

Ross

I believe the answer is:

finalist

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

'but not one' is the definition.
Although both the answer and definition are singular nouns, I cannot see how one could define the other.

'the last people you'd expect to win' is the wordplay.
I cannot really see how this works, but
'the' could be 't' (the is pronounced as a 't' sound in some dialects) and 't' is found within the answer.
'last' could be 'final' (synonyms) and 'final' is present in the answer.
The remaining letters 'is' is a valid word which might be clued in a way I don't understand.
This may be the basis of the clue (or it may be nonsense).

'of' acts as a link.

Can you help me to learn more?

(Other definitions for finalist that I've seen before include "Competitor who has beaten all except one" , "So far unbeaten competitor" , "He qualified" , "Competitor who reaches the last stage" , "One reaching last match" .)

I've seen this clue in the Evening Standard.
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