Player pitch regularly dropped in song (5)
I believe the answer is:
lyric
'song' is the definition.
(song with lyrics)
'player pitch regularly dropped' is the wordplay.
'regularly dropped' means one should take alternating letters (letters dropped at regular intervals).
'player'+'pitch'='playerpitch'
The alternate letters of 'playerpitch' are 'LYRIC'.
'in' acts as a link.
(Other definitions for lyric that I've seen before include "Poetic lines" , "Of poetry that expresses the poet's feelings" , "Part of a libretto" , "Song's text" , "Expressing the poet's emotions" .)