Flying carpets all too slow in race (7-2)
I believe the answer is:
runners-up
'flying carpets all too slow in race' is the definition.
I can't judge whether this defines the answer.
'carpets all too slow in race' is the wordplay.
'carpets' becomes 'runners' (I've seen this in another clue).
'all too slow in race' becomes 'up' (I can't explain this - if you can you should give a lot more credence to this answer).
'runners'+'up'='RUNNERS-UP'
Can you help me to learn more?
(Other definitions for runners-up that I've seen before include "Those who come second" , "Those not quite winning" , "Those placed second" , "Second-placed competitors" , "Those finishing second" .)