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Failed contender more relaxed missing an Oscar (5)

Ross

I believe the answer is:

loser

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

This clue could be a double definition.

'failed contender' is the first definition.
The definition and answer can be both people as well as being singular nouns.
Maybe you can see an association between them that I don't see?

'more relaxed missing an oscar' is the second definition.
Although both the answer and definition are singular nouns, I cannot understand how they can define each other.

Can you help me to learn more?

(Other definitions for loser that I've seen before include "One vanquished" , "one plays without success" , "Ineffectual person who regularly fails" , "Person who's a failure" , "lemon" .)

I've seen this clue in The Telegraph and The Sun.
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