Present Only Connect, wanting both sides to get involved (5)
I believe the answer is:
nonce
'present only' is the definition.
(a nonce word is used for a present situation only)
'connect wanting both sides to get involved' is the wordplay.
'wanting both sides' indicates the central letters (the word lacks or 'wants' the letters on the sides).
'to get involved' is an anagram indicator.
The central letters of 'connect' are 'onnec'.
'onnec' with letters rearranged gives 'NONCE'.
(Other definitions for nonce that I've seen before include "Denoting word coined for one occasion" , "particular occasion" , "The occasion, time being" , "The moment" , "Sex offender (in prison)" .)