Open around one, content (4)
I believe the answer is:
undo
'open' is the definition.
(eg opening a bottle)
'around one content' is the wordplay.
'content' indicates a hidden word (letters contained within the clue).
'UNDO' can be found hidden inside 'around one'.
(Other definitions for undo that I've seen before include "Remove the wrapping" , "Wreck" , "Free from ties, laces, etc" , "Overturn" , "Ruin or loosen ties" .)