Draw flag - that's not right (3)
I believe the answer is:
tie
'draw' is the definition.
('tie' can be a synonym of 'draw')
'flag that's not right' is the wordplay.
'flag' becomes 'tire' (I've seen this before).
'that's not' is a deletion indicator.
'right' becomes 'r' (common abbreviation).
'tire' with 'r' taken out is 'TIE'.
(Other definitions for tie that I've seen before include "Draw for neckware" , "Fasten, link to" , "Failure to win" , "Fasten the neckwear" , "garb" .)