Plenty embrace new champ (5)
I believe the answer is:
munch
'champ' is the definition.
(both can mean to bite)
'plenty embrace new' is the wordplay.
'plenty' becomes 'much' (I've seen this before).
'embrace' is an insertion indicator.
'new' becomes 'n' (common abbreviation eg NT for New Testament).
'much' enclosing 'n' is 'MUNCH'.
(Other definitions for munch that I've seen before include "who put one screaming on the canvas?" , "Chew steadily - "Scream" artist" , "Edvard -, Norwegian artist (The Scream)" , "Chomp" , "Eat steadily; Norw. artist" .)