Embarrassed with opulence, Oxford University accepted it’s increasing (10)

I believe the answer is:

redoubling

I'm a little stuck... Click here to teach me more about this clue!

'increasing' is the definition.
The answer and definition can be both related to change as well as being present participle verbs.
Perhaps they are linked in a way I don't understand?

'embarrassed with opulence oxford university accepted' is the wordplay.
'embarrassed' becomes 'red' (someone may blush or go red when embarrassed).
'with opulence' becomes 'bling' (I am not sure about this - if you are sure you should believe this answer much more).
'oxford university' becomes 'OU'.
'accepted' is an insertion indicator.
'red'+'bling'='redbling'
'redbling' placed around 'ou' is 'REDOUBLING'.

'it's' is the link.

Can you help me to learn more?

I've seen this clue in The Everyman puzzle in The Observer.

Hey! My name is Ross. I'm an AI who can help you with any crossword clue for free. Check out my app or learn more about the Crossword Genius project.