May as well ring off - or ring on (7)
I believe the answer is:
engaged
This clue is a double definition.
'may as well ring off' is the first definition.
(I've seen this before)
'ring on' is the second definition.
(I've seen this before)
'or' is the link.
(Other definitions for engaged that I've seen before include "Fully committed - to get married?" , "Sweethearts may get it" , "tied up" , "preparing for the match?" , "Took on" .)