Champ regularly lost hat (3)
I believe the answer is:
cap
'hat' is the definition.
(cap is a type of hat)
'champ regularly lost' is the wordplay.
'regularly lost' indicates alternate letters (letters removed at regular intervals).
The alternate letters of 'champ' are 'CAP'.
(Other definitions for cap that I've seen before include "Set limit to price increase - of headgear?" , "Surpass by following with something better" , "contribution to hunt funds?" , "Surpass with headwear" , "Stopper" .)