Prize for a big fight in a colourful setting (6)
I believe the answer is:
reward
'prize' is the definition.
(a prize may be given as a reward)
'big fight in a colourful setting' is the wordplay.
I cannot quite understand how this works, but
'fight' could be 'war' (warring is a kind of fighting) and 'war' is found in the answer.
'colourful' could be 'red' (similar in meaning) and 'red' is present in the remaining letters.
This accounts for all the letters.
This explanation may well be incorrect...
'for a' acts as a link.
Can you help me to learn more?
(Other definitions for reward that I've seen before include "Money offered for services" , "Payment for services rendered" , "Gift or prize for good deed or help" , "Recompense for worthy acts" , "payment that's merited" .)