Look exhausted as you fall out of the ring! (5)
I believe the answer is:
droop
'look exhausted as you' is the definition.
I can't judge whether this defines the answer.
'fall out of the ring' is the wordplay.
'fall' becomes 'drop' (dropping is a kind of falling).
'out of' is an insertion indicator (some letters on the outside of others).
'the ring' becomes 'o' (letter resembling a ring).
'drop' going around 'o' is 'DROOP'.
Can you help me to learn more?
(Other definitions for droop that I've seen before include "Hang down loosely" , "Go limp" , "male problem?" , "Decline" , "Sag, hang down" .)