Pace rated incorrectly (5)
I believe the answer is:
tread
'pace' is the definition.
(I know that pace can be written as tread)
'rated incorrectly' is the wordplay.
'incorrectly' indicates anagramming the letters (I've seen this in other clues).
'rated' is an anagram of 'TREAD'.
(Other definitions for tread that I've seen before include "Step (heavily)" , "Staircase component" , "dance" , "Depth of grooving in a tyre" , "Gripping part of tyre" .)