Round trip extremely boring in the event (4,3)
I believe the answer is:
shot put
'event' is the definition.
(shot put is a kind of event)
'round trip extremely boring' is the wordplay.
'round' becomes 'shout' (shout can mean a round of drinks in a pub).
'extremely' means to remove the middle letters (only the extremes of the word are used).
'boring' is an insertion indicator (some letters must 'bore' a hole into other letters).
'trip' with its centre removed is 'tp'.
'shout' enclosing 'tp' is 'SHOT-PUT'.
'in the' is the link.
(Other definitions for shot put that I've seen before include "Olympic event" , "Competition in which a heavy metal ball is hurled" , "Throwing event" , "Athletic field event" , "Throwing contest" .)