Favour good competition (5)
I believe the answer is:
grace
'favour' is the definition.
('grace' can be a synonym of 'favour')
'good competition' is the wordplay.
'good' becomes 'g' (abbreviation).
'competition' becomes 'race' (race is a kind of competition).
'g'+'race'='GRACE'
(Other definitions for grace that I've seen before include "Easy elegance" , "kindness" , "old cricketer" , "Mealtime prayer" , "Elegance of movement" .)