Out of bounds, large American giant (5)
I believe the answer is:
argus
'giant' is the definition.
(Argus is an example)
'out of bounds large american' is the wordplay.
'out of bounds' indicates the central letters (the bounds or edges of the word are removed).
'american' becomes 'us' (abbreviation for United States).
The middle of 'large' is 'arg'.
'arg'+'us'='ARGUS'
(Other definitions for argus that I've seen before include "Giant with one hundred eyes in Greek mythology" , "Many-eyed giant" , "Type of butterfly" , "Greek giant with 100 eyes" , "Pheasant, butterfly, a hundred-eyed monster" .)