Grizzly caught by shot, calamity! (7)
I believe the answer is:
tragedy
'calamity' is the definition.
(synonyms)
'grizzly caught by shot' is the wordplay.
'grizzly' becomes 'aged' (grizzly can mean grey-haired).
'caught by' indicates putting letters inside.
'shot' becomes 'try' (I've seen this in another clue).
'aged' inserted into 'try' is 'TRAGEDY'.
(Other definitions for tragedy that I've seen before include "King Lear, perhaps" , "story ending unhappily" , "Sad story" , "Serious catastrophe" , "Play with sad ending" .)