Crossword Genius

Ran rings around set letters in expression (7)

Ross

I believe the answer is:

worsted

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'ran rings' is the definition.
The definition and answer can be both related to competing as well as being past participle verbs.
Maybe they are linked in a way I don't understand?

'set letters in expression' is the wordplay.
'letters' indicates an anagram.
'in' indicates putting letters inside.
'expression' becomes 'word' ().
'set' with letters rearranged gives 'ste'.
'ste' going into 'word' is 'WORSTED'.

'around' acts as a link.

Can you help me to learn more?

(Other definitions for worsted that I've seen before include "Set word (anag.)" , "cloth" , "material" , "Beaten" , "Wiped the floor with" .)

I've seen this clue in the Sydney Morning Herald.
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