Odd business with a bishop and earl (7)
I believe the answer is:
bizarre
'odd' is the definition.
(I've seen this before)
'business with a bishop and earl' is the wordplay.
'business' becomes 'biz' (informal term for business).
'with' is a charade indicator (letters next to each other).
'bishop' becomes 'rr' (abbreviation for Right Reverend).
'and' means one lot of letters go next to another.
'earl' becomes 'e'.
'biz'+'a'+'rr'+'e'='BIZARRE'
(Other definitions for bizarre that I've seen before include "Really weird" , "Funny" , "Way-out" , "Weird, outlandish" , "Very strange" .)