Calm, like wise person around university (7)
I believe the answer is:
assuage
'calm' is the definition.
(I know that assuage is a kind of calm)
'like wise person around university' is the wordplay.
'like' becomes 'as'.
'wise person' becomes 'sage' (sage can mean a wise or holy person).
'around' is an insertion indicator.
'university' becomes 'U' (abbreviation for university).
'sage' placed around 'u' is 'suage'.
'as'+'suage'='ASSUAGE'
(Other definitions for assuage that I've seen before include "Sausage (anag.)" , "Satisfy (an appetite)" , "'Alleviate, appease (7)'" , "9 across (anag)" , "Appease, calm" .)