Delay Olympic body with old agreement silencing this enigmatic lady (2,8)

'delay olympic body with old agreement silencing this enigmatic lady' is the definition.
The definition suggests a singular noun which matches the answer.

'delay olympic body with old agreement silencing this enigmatic lady' is the wordplay.
I cannot quite see how this works, but
'delay' could be 'lag' (lag is a kind of delay) and 'lag' is present in the answer.
'old' could be 'o' (abbreviation) and 'o' is present in the answer.
'lady' could be 'con' and 'con' is located in the answer.
The remaining letters 'ida' is a valid word which might be clued in a way I don't see.
This may be the basis of the clue (or it may be nonsense).

Can you help me to learn more?