Large bird eaten by hunting hounds? (5)
I believe the answer is:
'large bird' is the definition.
(eagles are large birds)
'eaten by hunting hounds?' is the wordplay.
'eaten by' indicates the central letters (the letters consumed or eaten by the word).
'hunting hounds?' becomes 'beagles' (beagles are used as hunting dogs).
The central letters of 'beagles' are 'EAGLE'.
(Other definitions for eagle that I've seen before include "kind of bird" , "It may soar" , "somewhat under par" , "A glee-ful bird?" , "ten-dollar coin" .)