Out of the running for two presents (7)
I believe the answer is:
nowhere
'out of the running' is the definition.
(I've seen this before)
'two presents' is the wordplay.
'two presents' can mean two substitutions for 'present'.
'present' becomes 'now' (both can mean the current period).
'present' becomes 'here' (both can mean in attendance).
'now'+'here'='NOWHERE'
'for' acts as a link.
(Other definitions for nowhere that I've seen before include "Utopia" , "One present is not" , "Remote or uninteresting place" , "... and the rest ____"" , "In no particular place" .)