Reportedly consumed by college (4)
I believe the answer is:
eton
'college' is the definition.
(Eton College, English private school)
'reportedly consumed' is the wordplay.
'reportedly' indicates a 'sounds like' (homophone) clue.
'consumed' becomes 'eaten' (similar in meaning).
'eaten' sounds like 'ETON'.
'by' is the link.
(Other definitions for eton that I've seen before include "English college of note" , "learn here?" , "School; jacket type" , "academic institution" , "Posh college" .)