Dedicated lyric to listeners that's outstanding (3)
I believe the answer is:
ode
'dedicated lyric' is the definition.
(lyric poem dedicated to a person or thing)
'to listeners that's outstanding' is the wordplay.
'to listeners' shows a homophone (sound like).
'that's outstanding' becomes 'owed' (as in an outstanding debt).
'owed' is a homophone of 'ODE'.
(Other definitions for ode that I've seen before include "Poem expressing noble feelings" , "(Railway)system" , "Literary work" , "- - to a 12 Urn" , "Sung poem" .)