Granted, the finest is outstanding (8)
I believe the answer is:
bestowed
'granted' is the definition.
(I've seen this in another clue)
'finest is outstanding' is the wordplay.
'finest' becomes 'best' (similar in meaning).
'is outstanding' becomes 'owed' (as in an outstanding debt).
'best'+'owed'='BESTOWED'
'the' is the link.
(Other definitions for bestowed that I've seen before include "Granted" , "Conferred" , "Given as a gift" , "Gave; presented" .)