Greyish binder distributed around university (5)
I believe the answer is:
taupe
'greyish' is the definition.
(I've seen this before)
'binder distributed around university' is the wordplay.
'binder' becomes 'tape' (I've seen this in another clue).
'distributed around' indicates putting letters inside.
'university' becomes 'U' (abbreviation as in UMass).
'tape' placed around 'u' is 'TAUPE'.
(Other definitions for taupe that I've seen before include "Brownish-grey colour" , "shade" , "colour of moleskin" , "Greyish brown" , "Grey-brown colour" .)