Devoured in posh college reportedly (5)
I believe the answer is:
eaten
'devoured' is the definition.
(similar in meaning)
'posh college reportedly' is the wordplay.
'posh college' becomes 'eton' (I've seen this before).
'reportedly' indicates a 'sounds like' (homophone) clue.
'eton' sounds like 'EATEN'.
'in' acts as a link.
(Other definitions for eaten that I've seen before include "What's taken in" , "courses enjoyed?" , "Upset" , "having enjoyed dinner?" , "Gobbled" .)