Expose Teddy, might one say? (4)
I believe the answer is:
bare
'expose' is the definition.
(baring is a kind of exposing)
'teddy might one say?' is the wordplay.
'teddy' becomes 'bear'.
'might one say?' indicates a 'sounds like' (homophone) clue.
'bear' is a homophone of 'BARE'.
(Other definitions for bare that I've seen before include "Not covered" , "Denuded" , "Without protective covering" , "Naked or empty" , "Uncovered - unfurnished - unadorned" .)