Rancour of bard repeatedly losing face (3,4)
I believe the answer is:
ill will
'rancour' is the definition.
(I've seen this before)
'bard repeatedly losing face' is the wordplay.
'bard repeatedly' can mean two replacements for 'bard'.
'bard' becomes 'will' (William Shakespeare).
'bard' becomes 'will' (William Shakespeare).
'losing face' means to remove the first letter.
'will'+'will'='willwill'
'willwill' with its initial letter taken away is 'ILL-WILL'.
'of' acts as a link.
(Other definitions for ill will that I've seen before include "Positively unfriendly disposition" , "Bitterness" , "Enmity" , "'Hostility or dislike (3,4)'" , "Animosity, hostile feeling" .)